Class War in America: the Book |
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This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 License. Feel free to download this material for personal, not-for-profit, use. If you duplicate it for others, attribute it to Charles M. Kelly, and with a link to this site. Print copies are still available at Amazon and Barnes & Noble, and used copies are widely available on the internet. Part
One Class
Warfare: Strategies and Their
Effects Workers’
fear of losing their jobs restrains them from seeking the pay raises that
usually crop up when employers have trouble finding people to
hire. Even if the economy didn’t slow
down as he expected, he [Alan Greenspan] told Fed colleagues last summer,
he saw little danger of a sudden upturn in wages and prices.
“Because workers are more worried
about their own job security and their marketability if forced to change
jobs, they are apparently accepting smaller increases in their
compensation at any given level of labor-market tightness,” Mr. Greenspan
told Congress at the time.
—The Wall Street Journal,
January 27, 1997, A1.
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