Friday, November 10, 2006

China: Scapegoat or Sputnik - New York Times

So, we (the dems) won.

Now what?

I like this last line from Thomas Friedman about Bill Gates and statistics.

Same problem with my high school graduating class. Add in Rob Thomas at over 10 million earned, and Varitek at 3 or 4 million a year, and the average salary in my class has to be over $150k/year.

Median salary is probably more like 50.

China: Scapegoat or Sputnik - New York Times: "The other is the mood reflected in a Nov. 2 analysis in The Financial Times, headlined: “Anxious Middle: Why Ordinary Americans Have Missed Out on the Benefits of Growth.”

Technology and globalization are flattening the global economic playing field today, enabling many more developing nations to compete for white-collar and blue-collar jobs once reserved for the developed world. This is one reason why growth in wages for the average U.S. worker has not been keeping pace with our growth in productivity and G.D.P.

“Economists call this phenomenon median wage stagnation,” noted The Financial Times. “Median measures give the best picture of what is happening to the middle class because, unlike mean or average wages, median wages are not pulled upwards by rapid gains at the top. As the joke goes: Bill Gates walks into a bar and, on average, everyone there becomes a millionaire. But the median does not change.”



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