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In these types of discussions I think "good for the economy" is a weasel phrase -- what's good for the economy is not necessarily good for the worker. This shou
by ng12 7y ago
In these types of discussions I think "good for the economy" is a weasel phrase -- what's good for the economy is not necessarily good for the worker. This should be obvious: child labor was great for the economy for the reasons you mentioned. Similarly, we've seen massive economic growth since the 50s but at the same time a single-earner, blue collar family can't afford to buy a house and raise three kids.
It's very clear that an increase in labor supply puts downward pressure on wages and there's plenty of evidence that the economy is not growing fast enough to offset that pressure.