American Enterprises Instantiates Kevin Hasset, AEI's director of economic-policy studies, adviser to John McCain in his bid for the presidency, fingers who is to blame in this prolong recession.
Your Fat Paycheck Keeps Your Neighbor Unemployed: Kevin Hassett
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So here comes the leap into ice-cold water: The biggest problem with the labor market right now is that wages are too high. As Washington again turns to government spending as a cure for unemployment, some against-the-grain thinking is in order.
Economics teaches that full employment would be reached if wages adjust downward, to a level that better reflects current circumstances. At lower wages, employers would desire more workers. Labor markets generate persistent unemployment only if wages are sticky, failing to fall as demand declines.
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So why aren't American Workers doing their civic duty and taking the pay cut the market demands? Because of unions, unemployment benefits and minim wage. The traditional socialists evils. But above all because most Americans are lazy slackers there just there to suck off the tit of the hard working rich.
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...the natural reluctance of workers to accept lower pay is amplified by how their wage helps define their identity. A $60,000-a-year office worker might have an extra-hard time coming to terms with becoming a $40,000-a-year worker.
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That's right your typical American "worker" would rather destroy the economy then help their neighbors by taking a voluntary 30% pay cut. Meanwhile senior staff at American corporations have scramble to find money for executive bonus packages while the lazy workers go blow their money on wide screen TVs with their corporate welfare checks.
America is a democracy. That means people need to
merit reward. You don't get the right to steal money from someone else. You don't get the right to force your boss to lay off your coworker just so you boss can get the quarterly bonus he merits for his hard work.