Over the weekend, George Soros went on Fareed Zakaria’s CNN show GPS and laid out the factors that are helping pull the U.S. economy into a recovery.
Among the factors he highlighted was wage stagnation.
How could wage stagnation, a negative long-term trend, be helping the American economy? It’s simple: by making the American labour force more globally competitive.
In years to come, a lack of real income growth is likely to remain problematic for many Americans, but Soros is right to point out how a much maligned trend may perversely play to our advantage in the short- to medium term.
Watch what Soros has to say here: