Thanks for posting this. My grandfather was a corporate labor lawyer and a Ronald Reagan Republican and a good man, despite that he was very, very, very mistaken.

As always, Krugman speaks truth. I just would have thought it was a well-known truth by now.

The question that's never addressed is the almost ubiquitous acceptance among the middle class of the decline of unions as a good thing or of unions as unnecessary and essentially destructive. The belief that union workers are overpaid is as widespread. I never heard it questioned that UAW contracts should be renegotiated but when we were told that AIG & bank workers should continue to be over-compensated because there were contracts, as a society we all mostly shut up and accepted it.

Good post. It needs wider circulation. Not that it would matter. Not so many people listen without some degree of hysteria in the delivery, it seems.

Where do you find this great stuff. I agree 100 per cent.

Great, Great, Great!!!!!!