Slow wage growth is a problem, which is why the RBA is very concerned about this.
The middle class in almost all OECD nations, were affected by jobs losses during the GFC. Even in Australia, some full time jobs were lost and were replaced by casual and part time postitions.
Some decades ago, I thought that the rise of technology in the workplace, would inevitably lead to a shorter working week. WRONG.
Multinationals have spent a fortune on the introduction of labour saving technology, into the workplace and have reduced staff levels in developed nations, all over the globe.
Jobs have been outsourced to low labour cost countries and in the case of American companies since the GFC, they have re-invested profits in those countries. --> and that is the main reason why Donald J. Trump is the President Elect IMO.
Tweet from Driehaus Capital on Dec 11.
ICYMI: GS estimates firms will repatriate $200b in 2017, helping S&P 500 buybacks grow by 30% YOY next year. KCN
What would life be like ..., page-9
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