Tuesday, July 12, 2011

American Labor Unions: Underpaid, Overproductive Or Overpaid?

None of the common arguments for labor unions hold water.

Let me begin with three quotations used in defense of unions and of higher union wages:
Our entire economic system rests on the principle of paying someone less than his or her labor is worth.
There are reasons (unionized) workers in the North get $28 an hour while down in the South they get $14 or even $10. Adam Smith could explain it: "productivity," "skill level," "quality

read further at Forbes.com