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and US labor (depressed because we're still at 8% unemployment)

Wages are not depressed. Per-worker wages have increased in both the public and private sector:

http://research.stlouisfed.org/fred2/graph/?g=duS

Sum[wages] / GDP is down because employers are finding ways of getting more output with fewer employees. I.e., Sum[wages] = (average wages) x (# of workers) is down because # of workers has decreased, not because wages have.

If wages had decreased, we would not have had a recession at all (according to Keynesian economics).




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