Comment by llamaimperative
Comment by llamaimperative 2 days ago
Just further evidence of the accelerating returns to capital. It just makes less and less sense for America to be engaged in highly wealth-distributive (i.e. labor intensive) activities, more sense for it to engage in capital-intensive ones which, by definition, accrue further benefit to the owners of that capital. Yikes!
But industry cries out for more immigration to suppress wages because they don't have enough workers (or at least, not enough leverage in the labor market as they would like), so I'm not sure if that tracks.