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Post by jacquelope on Nov 26, 2011 22:22:24 GMT -6
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Post by unlawflcombatnt on Nov 27, 2011 0:05:37 GMT -6
This is a perfect illustration of the "education-cures-all" myth. China, like the US, is already producing more high skilled workers than it needs. That's why Chinese wages remain rock-bottom--because there are too many workers for the available jobs (i.e., the supply of workers is >> than the demand.)
What a great recipe for continued wage suppression--just making sure you have a massive surplus of highly-skilled, highly-trained workers for the jobs available.
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Post by graybeard on Nov 27, 2011 7:02:14 GMT -6
Agreed, except I don't equate highly trained with highly skilled. Skilled to me denotes experience.
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Post by jacquelope on Nov 27, 2011 13:56:02 GMT -6
It looks to me like there's not enough jobs to go around, period. College educated or not, there's not enough work for the number of people. Productivity gains and automation are starting to join in the game with outsourcing to put people out of work.
I'm telling you, it sounds far fetched, but the social darwinism mentality is at play here. Reducing the number of available jobs is the first step in determining who's a useless eater.
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Post by unlawflcombatnt on Nov 28, 2011 0:00:12 GMT -6
Reducing the number of jobs is also the way to suppress wages, since reducing demand for labor reduces the "price" of labor.
But reducing the price of labor also reduces spendable income and resultant production demand. This feeds back on itself by reducing demand for production, and thus demand for labor to provide that production.
It's a vicious, self-perpetuating cycle that leads to a complete collapse in production demand and resultant labor demand. Workers' income simply continues to decline, reducing demand for the products of their own labor.
The solution is to force labor wages upwards to maintain production demand. The best way to do that at present is to impose high Tariffs on foreign imports, thus forcing production back to the US and into the hands of higher-paid workers who can now afford to buy the products they actually produce themselves.
Our forefathers fully understood this and acted upon it. It's amazing that our current economic "experts" don't understand this.
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Post by jacquelope on Nov 28, 2011 2:01:11 GMT -6
I keep telling people that we are either going to put up tariffs or the US dollar is going to collapse from all this debt we're racking up. Either way the era of mass imported goods is not sustainable.
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