Jeff Macke thinks that because of in-shoring:
“..the U.S. is about to see an explosion in the number of middle class jobs.”
Why? Because globalization is driving up wages all over the world. Unfortunately, Mr. Macke has swallowed the globalist propaganda hook, line, and sinker. The only “explosion” there’s going to be is *of* the middle class.
In fact, a recent Wall Street Journal article reported that Foxconn monthly basic pay is ¥1,800 ($1.78 per hour) – still far below US minimum wage, and light-years from a middle-class wage.
In-shoring might be the most over-hyped story in history when you consider that in-shored factories are about as common as purple unicorn sightings. And when the odd plant does come back, this is what happens:
“GE returned production of its energy-efficient water heaters to Louisville after a new labor deal cut union workers’ starting hourly salaries to $13 from as high as $24.”
And no, Mr. Macke, $13 per hour doesn’t get you into the middle class. Our “Jobs Czar” created working-class jobs at that plant.
Note to globalists: Stop trying to rationalize your failed ideology. It’s time to man-up and admit that you were wrong; that globalization has destroyed the middle class.