Liberals and Democrats have been sounding the warning for a while about middle class pay, but Republicans have been claiming that employees assumed incorrectly that they were entitled to a living wage. Another words, middle class families were making too much.
Guess what? Republicans are winning the war on labor.
WallStreetJournal: Less income, more layoffs. That isn’t a combination to bring joy to U.S. consumers. The soft patch seen in the first quarter is carrying into the spring. And consumers are the ones slipping toward trouble
The Bureau of Economic Analysis revised its calculation of first-quarter real gross domestic product … The new mix of growth was very troubling … the growth came from inventory accumulation and less from consumer spending … Even more alarming for the outlook: The BEA now says real disposable income barely grew over the past three quarters.
Meanwhile, U.S. businesses are raking in a boatload of cash.
So cutting wages and forcing consumers to cut back on spending is a good thing, while companies are still able to rake in huge profits?
What’s not to like about capitalism?