The (Brad DeLong approved) free-trade paradise is just around the corner!
According to the New York Times
According to the Labor Department, 5 of the 10 occupations expected to add the most jobs through 2016 are “very low paying,” up to a maximum of about $22,000 a year. They include retail sales jobs and home health aides. Another 3 of the 10 are “low paying,” from roughly $22,000 to $31,000, including customer-service representatives, general office clerks and nurses’ aides.
Those are the careers that are left when high paying manufacturing and white collar jobs are shipped overseas.
8 of 10 jobs will be low or very low paying. That means the median income will surely drop over the next decade, which makes you wonder how consumption can stay robust - without borrowing.