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Thomas Sowell – Is “Income Stagnation” an Economic Myth?
Posted by admin on April 27th, 2010

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@louiethegreater Depends. Now 3 part, 1 full, 1 full PLUS (that’s me)
@asleeperj How many employees do you have?
@louiethegreater No. I’m a small business owner, and understand such things as economics.
@asleeperj And you my friend are a chicken rooting for Colonal Sanders. You are probably to arrogant or stupid to ever understand how totally brainwashed you are. Does this sound intellegent enough for you.
@louiethegreater You have been outclassed my friend. Go educate yourself, then come back and talk. I await a more intelligent response.
@louiethegreater Of course it does. There is a problem though, you are comparing the 3rd world countries’ currency to ours. Why is it that they are willing to work for .20/hr? That’s the question. It’s because comparatively, the money they would make else ware in any given circumstance, is far lower than the .20/hr. (USD.)
In other countries, The US dollar is still worth something. It’s worth far more than what they have in their current economic system. You fail to understand economics.
@asleeperj So you don’t think that .20/hr third world labor has anything to do with multinational corporations moving offshore. Hay I hope you a the first to compete with those .20/hr jobs. I believe when enough of Latin America moves into the U.S. infrastructure jobs will pay third world wages. Hay enjoy, enjoy, enjoy.
@louiethegreater Your starting in the middle, the whole question is why are companies that once looked at the US as a viable place to manufacture looking else ware? They can make a better profit for investors in other countries with lower taxes. Why are our taxes so high? We have formed a complete underclass using welfare, and social security, payed for by the middle class in the form of lower wages, and higher taxes on production.
@asleeperj The welfare system was created for the underclass that already existed, you have it backwards. In the early 70s the outsourcing of those unskilled manufacturing jobs was greatly excellerated. Those are the jobs that supported the poor americans. A good example is: Five years after NAFTA was signed 5 million more americans were in poverty.
@louiethegreater There are plenty of countries that “spread the wealth.” The wealth creation in those counties have come to an almost halt. I don’t understand people who look at success as a bad thing. Ultimately these regulations only hurt the middle class, and keep the poor that way. Since well fare, we have created a permanent underclass.
@louiethegreater Giving tax breaks on the top 2% like what? Unions are one of the biggest reasons for the colapse of GM.
Wage control has led to inflation, and unemployment.
Share some of the wealth, they should stop looking for hand outs and go great there own wealth.
You must have missed the part about what makes these Corporate “Eities” (I’m assuming you mean Elites) worth the wages they pull down. They don’t just make up the number someone thinks they are worth that.
@asleeperj Labor Unions greatest accomplishments have been to force corporate eities to share some of the wealth with labor. Paid health insurance is a product of the labor movement. Social Security has worked, it is broke because buracrats spent the money, while giving tax breaks to the top 2% of the country. Unions have not hendered corporations from making money, the robber barons became extremely rich in the most heavily unionized eviroment in history.
@louiethegreater Wow you look at the accomplishment of Labor Unions, and all be it a few big ones are good (safety regulations) we have so many DUDS. Social Security, minimum wage, the new deal.
All of those add to the federal powers at be, and take away individual freedoms.
Argue against minimum wage… I give you unemployment and the direct relationship.
Social Security is bankrupt, and the New Deal NEVER worked.
You are paid what you are worth. No more, no less.
@louiethegreater What are the union accomplishments? List them one by one.
can i just add, i love his voice. It has gotten better over the years.
@littlebier8 So you are saying that if Chinese Peasants have a high living standard. The factories they work in are State of the Art and utilizes the latest production techniques. How utterly stupid would one have to be to believe that. Without Labor Unions America would have had no middleclass. That should be evident that since Reagan anti union administration, union membership is only 6% apposed to 46% in 1940. You have been sold a bridge.
@travelermanu
Two things: first, I am both employed and self-employed, and I work 6 days a week for my employer to pay for my education and living expenses. I spend the rest of my free time working on my side projects. So, yeah, a “weekend” and “working less than 8 hours per day” would be nice, but I have neither.
Second, if you had actually read any of Sowell’s books you would understand that increased standards of living are due to increased productivity, not pro-union laws.
@littlebier8
Do you like having a weekend? Do you like working fewer than 8 hours per day? You can thank “liberal” unions for that one. If large companies had their way we’d be slaves. If you think otherwise then you should get a lobotomy. Free trade has indeed helped the U.S. economy, but which class actually benefitted? Not the working class.
@littlebier8
Do you like having a weekend? Working less than 8 hours per day? You can thank unions and “liberals” for that. Your’e an idiot if you don’t think corporation would enslave people if it weren’t for laws, laws enforced by the GOVERNMENT.
That quote is unsourced and apocryphal.
Mussolni did often refer to “corporazioni”, which is the Italian word for guilds, not a corporate businesses.
@louiethegreater We should not be importing consumer goods untill we as a nation has full employment. Our department stores have become nothing more that outlets for third world manufactured goods. The unemployed americans cannot affore the goods regardless of price. Besides that we have no assurance that the products are cheap, we have no american made examples to go by.
@chukmaty No I am not against immigration, but 40% of our population growth in the last 10 years is emigrants. We have 20 million illegal emigrants in the U.S. No: I am not for free trade, because there has been no progress since the 1970 when free trade became the rage. More Americans have gone into poverty, 15 million high paying manufacturing jobs have been lost, 40,000 factories have been outsourced. I am a capitalist, You are a global socialist, lets not get that mixed up.
@louiethegreater
Are you against immigrants being able to come here and out of poverty, like our ancestor did? Are you for progress though the free market? Are you for capitalism? Are you for department stores being able to offer affordable prices for the poor so they can have a decent standard of living? Are you for competition?
If you are, then you should be for free trade. I want it to be more free, no more corporate subsidies, no more department of agriculture, lower and flatter taxes,
chukmaty, You mean you are opposed to someone having a living wage job with only a high school diploma.The fact that you have been brainwashed by global ideology doesn’t bother you. Free trade and liberalized markets will not work as long as there are nation states. Are you willing to sacrifice Americas sovreignty in order to practice laissez-faire free trade. Why would you as a young person choose to compete with 6 billion low income workers instead of 350 americans, that is just stupid!
Socialism is unconsitutional, protectionism is just dumb, dump both!