Sunday, November 27, 2005
More on the "Pooring of America"
Nov 27, 12:19 PM EST
Global Work Force Helps Fed on Inflation
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) -- While Alan Greenspan has won praise for his successful 18-year battle to keep inflation under control, he's the first to say he's had a lot of help. Among those most responsible are tens of millions of workers in China, India and Eastern Europe.
Adding all those workers to the global economy has made the Federal Reserve's inflation-fighting job easier by increasing competition. That has helped hold down labor costs - the biggest single expense for employers - and, as a result, prices.
It has come at a cost: Many of the jobs being done overseas used to be in America.
[To read the rest, go here.]