The current moment finally has us talking about one of the most important and overlooked phenomena in economics... and ultimately points to the dire need for a more holistic approach.
"Just raising wages..." is in context of forty years at least of having actual wages (what you can actually buy) at the lower levels reduced (and unions suppressed). That plus offshoring jobs has produced a destruction of the US middle class, with corresponding political consequences. Not having any national economic policy is also desperately desired by top corporate leaders and billionaires who are weaned on an opportunistic, zero-sum worldview.
"Just raising wages..." is in context of forty years at least of having actual wages (what you can actually buy) at the lower levels reduced (and unions suppressed). That plus offshoring jobs has produced a destruction of the US middle class, with corresponding political consequences. Not having any national economic policy is also desperately desired by top corporate leaders and billionaires who are weaned on an opportunistic, zero-sum worldview.