Building off of a Leonhardt column on housing, Felix Salmon warns:

[I]ncomes are the final shoe to drop in this recession. We’ve had a nasty fall in GDP, and in the stock market. We’ve had a large rise in unemployment. But we haven’t had any kind of decline in real wages quite the opposite, in fact. Leonhardt says that “housing does not rank with unemployment, the trade deficit, the budget deficit or consumer debt as one of the economy’s biggest problems.” But what effect does he think that those big problems are going to have on incomes, over the long term, in a world which is globalizing inexorably and where Americans in general get paid far more than their peers doing similar jobs in foreign countries?

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