As reported in this article “Greenspan: U.S. economy on edge of recession”, Greenspan, like many economists, are warning of an impending economic downturn. However, as I had pointed out in my interview with Adam Geller (see article), the economy, particularly for technology workers hasn’t been that great for several years. Wages and opportunities for American technology workers have been dropping, due mainly by the belief in the Free Trade mythology and the global labor arbitrage that goes with it.
Part of that labor arbitrage scam is the guestworker Visa programs, such as L-1 and H-1B. What I don’t get is why is he so concerned about me, a technology worker, “making too much money”? I would like to see Greenspan give up all his wealth and live on my income for a while. I’m sure he would change his tune. It is unfathomable how he could ever think that lowering my salary even further will help the economy.
Advice to Greenspan: stay off the news and go in to see a shrink.