Yep, because they unionized their middle class selves out of jobs. Also, the middle class of the 60s didn't have to compete so much with overseas workers. Now, with recovery from WW2 long over, the end of the Iron Curtain, and the opening of China, the landscape is entirely different. Comparing 60s to now is a false comparison. Krugman made the same argument recently in a column, which is a discredit to a Nobelist.
Yep, because they unionized their middle class selves out of jobs. Also, the middle class of the 60s didn't have to compete so much with overseas workers. Now, with recovery from WW2 long over, the end of the Iron Curtain, and the opening of China, the landscape is entirely different. Comparing 60s to now is a false comparison. Krugman made the same argument recently in a column, which is a discredit to a Nobelist.
ReplyDelete