Not so simple. Raising the cost of labor also means increased aggregate demand as workers make use of a higher disposable income. On the business side, capex in

Not so simple. Raising the cost of labor also means increased aggregate demand as workers make use of a higher disposable income. On the business side, capex increases as routine work is automated. As we've in prior periods, automation creates more jobs than it eliminates, whether the through higher-end tasks or through increases in demand due to fall-off in breakeven price.