It is Labor Day weekend, 2011, but labor has nothing to celebrate. The jobs that once gave American workers a stake in capitalism have left and gone away. Corporations in pursuit of near-term profits have moved labor’s jobs to China, India, Indonesia, Taiwan, South Korea and Eastern Europe.
Labor arbitrage, that is, the substitution of foreign labor that is paid less than its productivity for American labor, has enriched Wall Street, shareholders and corporate CEOs, but it has devastated American employment, household incomes, tax base, and the outlook for the US economy.
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