Quote:
Originally Posted by Padgett2
... medical coverage, retirement benefits, social security, workman's compensation, unemployment, 401k contributions, liability insurance ...
... all those countries will gradually raise their standard of living, pay their employees more, and then it will be cheaper to make things in the USA again.
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Or maybe the other way around. In fact, the laws of physics say that the standard of living of the average US worker is more likely drift down towards that of the average global worker than the other way around.
Let's put it this way for the sake of illustration: the standard of living of the average US/European worker/retiree is 100, the global average is 1; in the next 20-30 years (maybe less), the global average, now including Americans and Europeans, is more likely to be 25 rather than 50 or 75, much less 100.
Yeah, officially we will probably still have things like medical coverage, retirement benefits, social security, workman's compensation, unemployment, 401k contributions, liability insurance, but their real economic value will be, and is being, reduced significantly.
You know, officially for many centuries the Roman Empire kept up the illusion of its republican institutions, and they even extended citizenship to inhabitants throughout the Empire, but in reality many were debt slaves and young men of "foreign" extraction comprised its armies.
Sound even a bit familiar?