alt Hacker NewsI think this is part of a long term development where technology and globalization slowly erode workers bargaining power. Basically you only build a factory in the US if you can keep labour costs low enough and the manufacturing automated enough so that you can still compete with other manufacturing hubs.
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tokai • today at 4:12 PM
Other countries in the world have manage to keep workers bargaining power in the face of globalization and technological progress.
I think in the case of US literally killing workers and union people is a huge part of why US workers lack power and why US unions are so impotent.[0]
[0] see Battle of Blair Mountain and what work Pinkerton mainly did from its founding to WW2, as examples.
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The longer graph (starting at 1947) shows the shift in 2001 on more startlingly
https://fred.stlouisfed.org/series/PRS85006173
Corporate profit vs Labor income divergence (only up to 2018)
https://fredblog.stlouisfed.org/2018/08/corporate-profits-ve...