Question

Write your opinion about "corporate America is suppressing wages for many workers"

Answer 1

I agree with the statement that -Corporate America is suppressing wages for many workers. The reason is that I support this statement is that because after eight years of steady private-sector job growth and economic recovery, wages for majority Americans have hardly budged. This is mainly due to monopsony power. Consequently the workers accept substandard working conditions and low wages as only few alternative job opportunities are available for them or because switching jobs is costly. Thus in the labor market, effectively a small number of employers are competing for their labor. When employers exercise monopsonistic power, jobs are left unfilled, wages are suppressed, and thus causing workers to suffers which affects the U.S. economy