Obligatory light truck and “DON’T READ IF YOU DON’T WANT TO TALK ABOUT POLITICS” Warning.
You read the title? You read the warning? You’re still here? Good. Okay.
Over the last few days on the front page I’ve seen a lot of extremely long and exhaustive posts about how outsourcing jobs is going to destroy our economy in the US.
In relation to both the Trans-Pacific Partnership and Autonomous cars, there are commentors who believe that our economy will crash and fail due to both because it will cause people within the US to lose their jobs, reducing the amount of money they have to spend otherwise. Any profit that comes from the new labor sources goes to the wealthy 1% who “don’t give back” to the economy and instead hoard wealth.
An example of the type of statement I’m talking about:
“Foreign labor (And tech like autonomous cars) serve to only put money in the hands of the wealthy investors, who hoard the income and don’t give back to the economy (a CEO who makes 100x the average income doesn’t buy 100 homes) and it’s destroying our economy by increasing thew wealth gap and putting people out of jobs.”
Can someone with a cool head explain both the reason and the purpose of believing this? And possibly someone with an opposite view explain it better? It seems to me that it’s just ignorance on part of how investment works.