That’s the root of this depression — the drive for ever cheaper and cheaper labor for more than two decades, in an economy where 70% of economic activity is consumer spending (mostly U.S. consumer spending).
The disconnect is nothing short of insanity.
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“Insanity” is the perfect word. You are exactly right. How is the American Consumer going to keep on consuming when he doesn’t have a good-paying job?
They're not, and that's why all the stores have huge drops right now. Even Wal-Mart was dang near empty one night last week.