``I must give him his due. He has considerably cretinized me.'' Lautréamont

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Tuesday, September 12, 2006

Look Who Got a Raise (NYT)

more idiot economics from the labor union hall

hefty increases in wages and salaries is inflation, unless there's also hefty increases in productivity

bonuses and stock option wins indicate a jump in profits, which means a good economy with more transactions

each transaction raises the standard of living of the nation because both sides of voluntary transactions come out ahead

but it's gloom for the unions, which is what the editorial responds to

The big jump in labor costs in the first quarter appears to be driven by fat bonuses and stock options — not hefty increases in wages and salaries.


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