We just saw that big tech firms collude to hold down employee pay! See https://news.ycombinator.com/item?id=1699529 https://news.ycombinator.com/item?id=1699529

We just saw that big tech firms collude to hold down employee pay! See https://news.ycombinator.com/item?id=1699529 https://news.ycombinator.com/item?id=1699529 That means, in effect, there's only one employer in the tech industry. So the labor market in tech is not an example of a perfectly competitive market. It actually follows a monopsony model. In a monopsonistic labor market, raising wages/benefits doesn't reduce employment, it actually increases employment, increases output and lowers prices...all good things! See my comments here for a fuller explanation: https://news.ycombinator.com/item?id=7185717 https://news.ycombinator.com/item?id=7185717 Therefore, Obamacare did not hurt the tech labor market. Tim Armstrong is full of $hit. They should take away his degree in economics if he really believes his own bullcrap. He was just covering his own a$$. Maybe what's hurting his employees, stockholders and customers is his own overblown $3,216,534 salary in 2011. Source: http://www.forbes.com/profile/tim-armstrong/ http://www.forbes.com/profile/tim-armstrong/