2 ms·

And then all of these new janitors and clerical staff will have paychecks, which they can use to play for hotel rooms on their new paid vacations... There's a

And then all of these new janitors and clerical staff will have paychecks, which they can use to play for hotel rooms on their new paid vacations... There's a strong argument that the wage stagnation in the middle and lower classes in the US is slowing down the economy across the board. In fact, I wonder if the increasing concentration of profits in a handful of companies is contributing to the inability of companies further down the food chain to pay workers market rates.

ChuckMcM 9y ago
> In fact, I wonder if the increasing concentration of profits in a handful of companies is contributing to the inability of companies further down the food chain to pay workers market rates. You would not be the only one wondering that :-). A friend of mine who used to be an economist working at Google and I were discussing what the impact of having over a Trillion dollars locked up in 'cash and cash equivalents'[1] by the top 50 international companies. By its nature, cash equivalents can't be lent out by banks for longer term investment (they are required to be able to exchange the investments for cash on short notice) so that hoard just sits there. [1]https://www.gfmag.com/magazine/september-2016/global-cash-25-2016 https://www.gfmag.com/magazine/september-2016/global-cash-25...