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March 25, 2008

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Adam

"But here's a question. Is this just a matter of frighteningly intense laziness and denial, or is it a matter of the structural impossibility of restoring broad-based wage increases and real prosperity? Or even just a matter of no longer being able to enjoy fake prosperity and narrowly-based wage increases without a mountain of household debt?"

A bit of both, I think. In a maturing and largely open economy, broad-based wage increases are going to be continually be restrained by conditions overseas: unless your job absolutely requires physical proximity (cook, cop, teacher, barber, etc.) there isn't anything, in theory, that couldn't be done more cheaply somewhere else. With regards to household debt, most of it to buy more and bigger and better stuff, that is as much a moral crisis as an economic one, although I would agree with Ezra that that chart is frightening.

oil mill


Enjoyed every bit of your blog.Thanks Again. Great.

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