Monday, September 5, 2016

Laboring to the new next

Mark Steyn uses this Labor Day to wonder what happens to the laborers when there's no work for them to do.
Manufacturing produces the same amount with about a third of the labor that it took in 1950. By 2010, the US economy had restored pre-recession levels of output but without restoring pre-recession levels of employment: It turned out there was no reason to hire back laid off workers, and a lot of reasons not to, once you factor in the taxes, insurance and the other burdens the state imposes on you for putting even modest sums in the pocket of employees you don't really need.

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