Of course not. The CEOs quit just because they want all that globalism. They've spent decades destroying the middle classes, particularly the blue collar segment. They could have partnered with unions in the North to support the blue collar middle class, but instead went South and overseas. Nationalists, economic or otherwise?? In a pig's eye. Which brings us to the real data, finally, on their game. Here's the nut. Autos have been the vanguard of killing labor. The white collar Northern Blue states have been less impacted, in the way explained by Baumol. Whether Watson-ish machines will kill off these folks too remains to be seen. What's the end game, or the look of the world in the limit? The principle problem of rising capital in production is that unit fixed cost rises: you can't layoff a machine, you must still pay for it. So long as output remains steady or rises to the capacity of the capital, you can get away with it. But as capital's share of GDP rises, there's by definition fewer bucks to buy output; aggregate demand declines. A death spiral. Oops.
FRED data shows that GDP going to labor continues to decline. Just today, there's more reporting on the puzzlement within the Fed that inflation just won't come back.
"It would not be desirable," the minutes said, "for the current regulatory framework to be changed in ways that allowed a re-emergence of the types of risky practices that contributed to the crisis."
Good luck with that. Social Darwinism in finance is what the Right Wingnuts dream about all day and night.
The public number, U3, is increasingly viewed with suspicion, just because at under 5% we've always seen labor incomes rise in the past, but not now. There has to be a reason. And that reason is total employment as measured by U6 isn't nearly as pleasant. Wages remain stagnant. Demand remains stagnant. Growth doesn't happen. The rich get richer and the poor attack each other.
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