[Mr. Jeeves]

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).

Greenspan and others had (and still have) the idea that wage inflation was the number one economic enemy to be fought. Fortunately, the unfolding deflationary spiral is likely to take asset prices and rents (but not food nor gasoline prices) down faster and harder than wages will fall, so things should ultimately normalize a bit at a lower level.

[meadsjn]

Greenspan and others had (and still have) the idea that wage inflation was the number one economic enemy to be fought.

Greenspan was wrong. In a free market economy, the price of labor would be regulated by supply and demand. Manipulation of markets to the benefit of a favored few is the number one economic enemy.

Artificially manipulating the supply of labor, by waiving immigration limits and by encouraging an invasion of illegal aliens to benefit corporate donors, is not free market activity.

American taxpaying citizens have been paying the price in decreased incomes, and now they are being ordered to pay again with increased taxes to prop up these suicidal corporations.