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U.S. Real Wages Still Declining

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    #32
    samb
    Closed Accounts Posts: 479 ✭✭samb


    What blind advocates of capitalism do not consider is that there is only a finite amount of resources in the world. However much poorer countries develop and engage in the open market they can only get richer if they take jobs from other countries. It is impossible for everyone on the planet to have the consumption patterns of the West. So either, we must be more frugal and effiecient, or some countries must stay poor.
    At some point in the future we must face the problem that there is not enough jobs to go around and to end global poverty we will have to pay the price.
    We have labour laws, minimum wages etc but if we insisted that all the products we use were manufactured by people with these same standards then we would not be able to afford them. E.g if every product imported was fair trade. This in my view is the only ethical way to operate (to apply the extend the standards we enjoy to others), but our grocerys will be a lot more expensive.
    True capitalism doesn't exist anyway, because all the main players (US, EU etc) still have huge trade barriers. The WTO is, in a way, a communist organisation in that it plans trade. If you have true capitalism then there is no control and some will lose out badly to the benefit of others. This idea that trade will somehow cure all the ills of this world is nonsense.

    Sorry for the incoherent rant


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    #33
    ISAW
    Banned (with Prison Access) Posts: 7,142 ✭✭✭ISAW


    samb wrote:
    I don't disagree, spending is only good for job creation, not for actuall wealth creation IMO.
    The Windows example is not great however IMO. Ireland does well out of the deal because we get good jobs (money). Instead of only spending on windows we get money back into the economy from wages, share options etc from the company. Those profits will then only be repatriated to US if the 'fat cats' invest it in the US.

    the profits are repatriated to the US without any added tax (due to double taxation treaties they pay the 12 1/2 per cent here rather than a third in the US. why do you think Microsoft are in Ireland?)!
    My point is that the spending of the fat-cats is insignificant. We benefit from the spending of the employees in Ireland, some of which are fairly 'fat' also.

    There are I believe seven "Microsoft millionares" living in Ireland. But you are no doubt right. They buy a big house (which benefits noone except the lowpaid Philipino housekeeper if they have one) and spend little locally. their employees however use local Pubs and Supermarkets and services to a much greater degree. they have kids supporting the Ireland of tomorrow as well.


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