Negotiamini Media
Truth is Powerful

Structuring the Economy to Give Money to the Rich Is Inflationary

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We transfer tens of billions of dollars upward to CEOs and other top corporate executives through the corrupt corporate governance structure that we have instituted.

I just read this NYT column by Bryan Stryker, on how Democrats can win back the working class. I have no idea how its proposals poll, but as an economic matter, they will do little to help the working class.

The big problem with Stryker’s argument is that it assumes that the working class will somehow benefit from having more manufacturing jobs. This would have been true twenty years ago when non-college-educated workers in manufacturing enjoyed a substantial pay premium over workers employed in other sectors. It is no longer true today.

Due to our trade deals (especially Clinton’s), which cost millions of manufacturing jobs, the sector no longer offers any substantial pay premium over employment in other sectors. At the most basic level, the average hourly earnings of production and non-supervisory workers in manufacturing are now less than 92.0 percent of the average for the private sector as a whole. [1]

Much of the deterioration in the quality of manufacturing jobs is associated with the decline of unions in the sector. In 1993, 19.2 percent of […]

Click here to view original web page at www.commondreams.org

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