3 ms·
Chinese workers are not "low paid" relative to prices of goods in China though. A Chinese worker gluing an iPhone together can afford a decent middle class life
by YY4398742398 9mo ago
Chinese workers are not "low paid" relative to prices of goods in China though. A Chinese worker gluing an iPhone together can afford a decent middle class lifestyle, the Chinese version of the "American dream".
What America really needs is massive deflation in the cost of everything, curbing income inequality (which is driving inflation) and moving to renewables (cost of oil/gas also drives inflation).
- intalentive 9mo agoYes, and a big part of the reason labor costs are so high is that living costs are high. The US worker is saturated with debt, fees, payments, rents of every stripe.
- groos 9mo agoDeflation is never going to be allowed to happen even if economic conditions allow it. The reason that the Federal Reserve wants inflation at ~2% is so that nobody hoards cash in their home and instead spends it before it loses value or puts it in a bank to lend to the economy or invests it. Deflation would mean that you could hoard cash and it would grow in value, leading to less money available for economic growth.
- ponector 9mo ago>> Chinese workers are not "low paid" relative to prices of goods in China though. A Chinese worker gluing an iPhone together can afford a decent middle class lifestyle, the Chinese version of the "American dream I'm pretty sure this is what Apple wants you to believe, while Chinese company offers minimal wage for workers who assemble phones. One could never afford a decent lifestyle on a minimal wage.