If you flood a labor market, wages will fall. Econ 101.
That’s the whole point of The Cheap Labor Express that’s being called immigration. Cheap Labor importation is bankrupting the country. The taxpayers are paying the true costs, both financial and human, while the employers get a more compliant and less costly workforce.
Multi-nationals have no loyalty to this country by definition. We’re simply a market to them. To me, it’s more than that.
RE: If you flood a labor market, wages will fall. Econ 101.
I think we have to qualify that with “if you flood the labor market with not enough businesses needing employees”.
But then, I thought businesses everywhere are picking up... or so we’re told.
It’s the combination of plentiful labor and automation that is lethal. Automated factories can churn out goods cheaply, but who is going to buy them in no one has a good job? This is why electronics and even cars have stayed relatively cheap. With Artificial Intelligence becoming ever more capable, you will see many “knowledge” workers get replaced too. If you can boil your job down to a set of rules, you are in trouble. Even jobs which involve significant amounts of creativity will eventually be on the chopping block.
Jobs that involve very complex movements and crawling into tight places will be safe (plumbers and electricians).