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Real wages have stagnated for decades. But corporate profits are at their highest. That means the net effect of global price competition is just to transfer wealth from the poorest to the richest.
China’s exchange rate manipulation has flooded the US with artificially cheap goods. The real price of those goods is the ongoing implosion of the dollar, which, combined with the lack of growth in real wages, is, for most of the country, like being punched in the face - and then kicked in the gut.
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This is going to be sooooo bad.
