I don’t claim to know squat about economics.
However, this article shows more of what I’ve seen than the big “boom” of good times or the “disaster” that is currently occurring.
People with good jobs get laid off and end up working at Home Depot. Unemployment-5%. Underemployment, something a bit higher. Net result folks readily agreeing that we are in bad times now and have been for a while.
People with bad credit get to buy homes due to easy credit. Home ownership sky rockets. Home defaults sky rocket. Net result more folks in their own homes and working hard to keep them.
Back to the article – trickle down economics clearly works to a certain extent. However – businesses do cheat. How? Illegal workers. Good jobs used to be in manufacturing and construction. Illegals took the bad jobs in agriculture and janitorial services.
Now illegals have many of those jobs in manufacturing and construction and wages are suppressed. Without these lower waged folks (12 million of them remember) it’s true that many jobs wouldn’t get done. ie Upper middle class people may choose not to hire housekeepers if they have to fill out social security paper work etc. Some crops may end up rotting in the field. UNTIL – wages go up. Food prices would go up to. Claro. But wages would go up to their natural levels for this country.
Construction jobs would be great again, vs just good. Manufacturing jobs could support a family again. etc, etc. Trickle up from the bottom while things are trickling down.
The writer of the article suggests government interference. I suggest continuing to prosecute big time illegal hiring.
Then find out the REAL number of foreign workers that are needed, and increase immigration (the legal and fast kind) to accommodate the real problem.