Class War in America: the Book
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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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