I heard a bit on NPR where they were like, "so what if instead of a wage/price spiral, it's a profit/price spiral :thinking-about-it: " then left it at that.
Wage price spiral looks like it's happening in the 60s, but it's actually way weirder.
Aspects of our system were public for unionized workers through the Taft Hartley trust system. This meant that union workers could afford to pay more for Healthcare, which drove up the price for everyone because companies could make more by charging more.
But this correlated with rising wages, since it correlated with union density, so statistically the Healthcare profit price spiral was disguised as a wage price spiral
I heard a bit on NPR where they were like, "so what if instead of a wage/price spiral, it's a profit/price spiral :thinking-about-it: " then left it at that.
Wow very insightful, thanks!
Wage-price spiral was debunked 150-200 years ago. Economics is a joke lmao
Wage price spiral looks like it's happening in the 60s, but it's actually way weirder.
Aspects of our system were public for unionized workers through the Taft Hartley trust system. This meant that union workers could afford to pay more for Healthcare, which drove up the price for everyone because companies could make more by charging more.
But this correlated with rising wages, since it correlated with union density, so statistically the Healthcare profit price spiral was disguised as a wage price spiral