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Greenspan Says Solution to Inequality is to Lower U.S. Wages

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Former Federal Reserve Chairman Alan Greenspan has been in the news lately trying to pretend he's had nothing to do with the slow-motion economic meltdown America is currently experiencing in the housing, job and labor market. But he is still the same old Alan Greenspan -- the one who opposes the minimum wage, and wants to drive wages in general into the ground. In fact, he admitted as much in a recent interview on Democracy Now!.

At about 39 minutes into this clip, you can hear him say this:

"We ought to be opening up our borders to skilled labor from all parts of the world because if we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country."

Beyond his dishonest trumpeting of the Great Education Myth, notice that Greenspan's solution to economic inequality in America is to drive down the wages of the dwindling number of good-paying jobs that remain, by importing more foreign workers who have no basic rights to bargain for good wages, and who are thus paid much less than American workers in the same jobs.

Alan Greenspan: One of the truly great class warriors of his time.

(h/t Progressive Geek)

Cross-posted from Working Assets