Unemployment low, but wages are dropping

Globalization is killing the American worker, as wages drop to $10 per hour. The article leads with an anecdote about Delphi, where union workers are being asked to take a two thirds pay cut.

“How do U.S. firms compete in the global economy?” asked UC Berkeley economist Harley Shaiken. “If the only way to compete is with $10 wages, we have a problem that is much larger than just Delphi. We’re looking at a society where people exit rather than enter the middle class.”

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