Always something wrong with the economy so that the politics of the presidential year permit the contenders to argue that they are doing or will do it better. Let's remember the reality. Presidents seldom have major influence on the economy, particularly a global economy where prices of consumer and other goods are essentially set by China's rapid expansion of manufacturing just about anything.
Traditional economic theory may no longer apply. Certainly we don't want to see American wages decline, but how can they not move downwardd or stay level when China's wages are so low and their production of consumer goods so great?
If American wages rise, one additional factor will drive up inflation unless productivity also rises at least the same as wages or more.
The dilemma we face is not within our power to control.
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