TOTM Special -- Tyranny in Action
Professor Hubbard's commentary on NPR's Marketplace is all the proof you need that the US markets are not only manipulated, but manipulated by such moron's that any politicos to the left of and with a greater heart rate than Increase Mather should fire themselves immediately for general incompetence. (Not you, Governor Dean, please return to your seat.)
His (Dean of Columbia Business School Professor Glenn Hubbard's) thesis -- that workers pay the employer portion of Social Security and Medicare taxes in the form of lower wages -- is so boldly ridiculous that I scarcely heard his commentary for my laughter.
One problem with your dreamland scenario, Professor Hibbard. The capitalists never seem to raise the wages. Productivity in the US is at an all-time high. Wages, meanwhile, are dropping! Check it!
Nobody at Marketplace seems concerned with the fact that they're enabling a tyranny. (Note to Public Radio (Intl): Check facts on commentators!)
I hope nobody asked Santa for some TrickleDown(R) for Christmas...
His (Dean of Columbia Business School Professor Glenn Hubbard's) thesis -- that workers pay the employer portion of Social Security and Medicare taxes in the form of lower wages -- is so boldly ridiculous that I scarcely heard his commentary for my laughter.
One problem with your dreamland scenario, Professor Hibbard. The capitalists never seem to raise the wages. Productivity in the US is at an all-time high. Wages, meanwhile, are dropping! Check it!
Nobody at Marketplace seems concerned with the fact that they're enabling a tyranny. (Note to Public Radio (Intl): Check facts on commentators!)
I hope nobody asked Santa for some TrickleDown(R) for Christmas...
posted by Frymaster Speck at 5:30 PM
2 Comments:
Very good.
The frustration lies here. What economic model shows the benefit of paying workers more? One could begin by looking at the success of Microsoft or Google, both companies that have minted thousands and thousands of millionaires, and a few billionaires.
An economic framework that measures worker satisfaction(or simply not worrying all day every day about getting by) will help take these types of social issues out of the unproductive treadwheel of politics and into the innovative engine offered by well run markets. As you point out, though, not all markets are well run, from both a market (private) and regulatory (public) perspective.
Thank god, eh? Plenty to blog about, and so little free time at work;-))
Isn't there this idea that if economic vitality is not measured by the total supply of dollars, if you will, but by how many people touch each dollar per year. Money that moves does more than money that sits still.
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