Letters to the Editor
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More reality check to Andrew Leonard
This is from the Financial Times, 1-11-06, Christopher Swann:
Some economists believe that the threat of moving production overseas has made it easier for companies to keep a lid on wage growth. “Companies have been able to tap not just cheap labour but also smart labour from abroad,” said Ian Morris, US economist at HSBC. “This may help explain why wage growth has remained weak and profits at S&P 500 companies have been surprisingly strong.”
Rah rah corporate capitalism!
Slash benefits! Send jobs overseas! Screw workers! Whohoo!