"In 1985, the U.S. had highest wages in the world -- what you'd expect in the riches country in the world.

"However, real wages have stagnated for about 25 years. And real wages declined for 1980s for majority of the population.

"But by 1985 the effects of the double-edged so-called 'conservatism' of the Reaganites had not yet had their full impact. I say 'double-edged' because it combines passionate advocacy of free markets for the poor, with new hights of protectionism and state subsidy for the rich.

"By 1993 the Wall Street Journal was able to exhalte over 'A welcome development of transcendent importance' -- namely, U.S. labor costs had fallen below all other leading industrial powers, save for England, where Thatcher had done an even better job of grininding down working people and the poor."