Labor share lowest since it has been recorded

"The labor share — the amount paid to workers instead of businesses and other income-earning entities — was reported to have fallen to 57.1 cents on the dollar for the business sector, its lowest level since it was first reported by the Bureau of Labor Statistics in 1947...."

http://www.cnbc.com/id/45603494

 

Pay them less, work them harder. We keep statistics on efficiency and productivity and GDP, etc. Where is the Human Misery Index?

 

It's going to continue to shrink.. thanks to outsourcing, globalization.

American labor and unions prospered when there was no competition. All of that changed when 300-500 million low-cost labor Chindians were brought into the equation.

 

That is a good question. Does that include all workers multinationals too, or just US workers?

 

Mostly US workers because they are "descending" in earnings from the most lofty level.

But even in China.. they've said they want to move manufacturing facilities further inland to take advantage of even cheaper labor. Also, Foxconn, likely the largest company employer in the world with 1.3 million (can you imagine administering such a company?) has said they "intend to replace 1 million employees with robots".. over the next several years.

 

Has anybody ever read "Snow Crash"? I swear that novel is unfolding in real life right now.