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Economy Quotes

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Economy Quotes

“We're going to have to invest in the American people again, in tax cuts for the middle class, in health care for all Americans, and college for every young person who wants to go. In businesses that can create the new energy economy of the future. In policies that will lift wages and will grow our middle class. These are the policies I have fought for my entire career.”

“When people live in the full light of an open society, paying their taxes, abiding by the rules, that makes not only our country safer and more secure because people are not relegated to living in the shadows and not creating underground economies, it also is better for wages because the fact that people are working on the books in the open means that there's greater demand for labor and you don't have this submarket.”

“When the press writes scare stories about the global labor supply draining jobs from rich to poor places, the story is usually presented as a "race to the bottom" simply in terms of wages. Capitalism supposedly looks for labor wherever labor is cheapest. This story is half wrong. A kind of cultural selection is also at work, so that jobs leave high-wage countries like the United States and Germany, but migrate to low-wage economies with skilled, sometimes overqualified workers.”

“When the mass of families in a State are without property, then those who were once citizens become virtually slaves. The more the State steps in to enforce conditions of security and sufficiency; the more it regulates wages, provides compulsory insurance, doctoring, education, and in general takes over the lives of the wage-earners, for the benefit of the companies and men employing the wage-earners, the more is this condition of semi-slavery accentuated.”

“The terror in which English capitalists now stand of organized proletarian resistance gives to the naturally protected craft organizations the power to receive the wages they demand. They act as they have been trained to act by capitalist society, which denies the doctrine of the Just Price, which proclaims work to be an evil and the goal of human endeavor to be the avoidance of it; which puts it up as an ideal that individuals should get as much money as they possibly can out of their fellows by any means in their power.”

“U.S. labor leaders will realize that automation can multiply man's wealth far more rapidly than it is multiplying at present and that automation will leave all men free to search and research... Realizing the direct competition with foreign industry on a straight labor basis will mean swiftly decreasing wages per hour and longer hours and decreasing buying power of the public.”

“We preach free enterprise capitalism. We believe in it, we give our lives in war for it, but the closest most of us come to profiting from it are a few miserable shares of stock in a company that doesn't pay large enough dividends to keep a small mouse in cheese. The truth is, most of us are job serfs. At a time when invested capital returns 20 to 30 percent, we have no capital. We only have our wages and salaries, and a debt so high that something like 20c on every dollar we earn is spent to pay off what we owe.”

“Private property works like circuitry in electronics, or piping in hydraulics. It conveys wages to the owners of labor power, as well as the various forms of nonwage property income to the owners of capital. In itself, it is no more responsible for maldistribution of purchasing power than the science of bookkeeping is responsible for bankruptcy.”

“The industrial economy which divides society absolutely into two portions, the payers of wages and the receivers of them, the first counted by thousands and the last by millions, is neither fit for, nor capable of, indefinite duration: and the possibility of changing this system for one of combination without dependence, and unity of interest instead of organized hostility, depends altogether upon the future developments of the Partnership principle.”

“Faced with such insecurity, labor unions seek a solution in demands for higher wages, shorter hours, pensions, and such things. But this approach takes monopolistic capitalism for granted, and accepts the unnatural division between property and responsibility as permanent. A much more radical solution is apt to come, and this may take either of two forms.”

“Democrats in Washington predicted that tax cuts would not create jobs, would not increase wages, and would cause the federal deficit to explode. Well, the facts are in. The tax cuts have led to a strong economy. Real wages were on the rise, and deficit has been cut in half three years ahead of schedule.”