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Yes. And the two facts are not disconnected. We are seeing global inequality fall to unprecedented lows. If you're in the top 5% (which the American middle cla
by ef4 11y ago
Yes. And the two facts are not disconnected.
We are seeing global inequality fall to unprecedented lows. If you're in the top 5% (which the American middle class definitely is), then less inequality feels bad to you.
Global wages growth is quite high, it's just happening in places that need it way more than rich westerners do, as much as that sucks for rich westerners.
- danielweber 11y agoOne of the biggest lags on wage growth for the bottom half of Americans is the fact that the rest of the world is now competing with them for jobs, and able to do so via price. This won't last forever, because as those places get richer their wages go up, and "low wages" is their primary competitive advantage.