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Greenspan: Import More Skilled Workers To Drive Wages Down

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Former Federal Reserve Chairman Alan Greenspan came out and said that more skilled workers should be allowed to immigrate to the United States in order to drive down wages of American skilled workers.

Yes, you did read that right. Greenspan doesn't want people who spend years - and in some cases decades - learning a skill and keeping up to date on it to be rewarded for their hard work.

He claims that the wage gap is too large and by that I think he is implying that low wage earners are getting more and more jealous of those who earn more and won't participate in society.

Now correct me if I'm wrong, but doesn't part of capitalism have to do with working hard and getting paid what you are worth? If we eliminate the incentive and reward of benefiting from hard work you will certainly discourage people from taking on large education debt in order to get a high skilled job.

Boston Globe

Former Federal Reserve chairman Alan Greenspan said allowing more skilled immigrants to work in the United States would help keep the income gap from widening.

Inequality of incomes is the "critical area where capitalist systems are most vulnerable," Greenspan said ... "You cannot have a system that we have unless the people who participate in it believe it is just."

Allowing more skilled workers into the country would bring down the salaries of top earners in the United States, easing tensions over the mounting wage gap, Greenspan said.

"Our skilled wages are higher than anywhere in the world," he said. "If we open up a significant window for skilled workers, that would suppress the skilled-wage level and end the concentration of income."

My suggestion, kick out and stop illegal aliens from returning so that the low wage earner's pay starts to go back up to where it should be.

I also have another suggestion if you want to drive down the earnings of high wage earners, focus on trial lawyers, CEO's, politicians and people who can replace Alan Greenspan (who surely spent years gaining knowledge and benefited from it by being paid a high wage). There is no more hatred for a high wage earner than employees towards a CEO who makes more than they do in a year in one day. So start there.

I still can't believe he actually said that.

Just found that over at Freedom Folks they pretty much came to the same conclusions that I did.

And there's some angry Americans commenting over at The Stein Report

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Posted by Digger on March 16, 2007 08:14 AM (Permalink)

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