The War Against Wages
By PAUL KRUGMAN Should we be cheering over the fact that the Dow Jones Industrial Average has finally set a new record? No. The Dow is doing well largely because American employers are waging a successful war against wages. Economic growth since early 2000, when the Dow reached its previous peak, hasn’t been exceptional. But after-tax corporate profits have more than doubled, because workers’ productivity is up, but their wages aren’t — and because companies have dealt with rising health insurance premiums by denying insurance to ever more workers.
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Makes sense. Labour power is a commodity. Wall Mart's wage-slave drivers just want to get their
variable capital at a lower price. They will be rewardedly accordingly, as the rate of profit increases. Don't you want your baked beans at the lowest price? Capitalists are consumers too, you know.
Best,
Mike B)
Read "Penguins in Bondage": http://happystiletto.blogspot.com/
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