Foxconn Technology—responsible for assembling iPhones, Xbox 360s, and Dell computers—announced a 25 percent pay raise for its employees at Chinese factories on Saturday. News of the raise comes after weeks of increased scrutiny of the working conditions at the plants, which together employ 1.2 million workers who work as much as 14 hours a day. The pay raise comes with a limit on overtime hours. “This is the way capitalism is supposed to work,” said David Autor, a MIT economist, to The New York Times. “As nations develop, wages rise and life theoretically gets better for everyone.
We'll be updating Vox Pop with new posts throughout the day, but expect it to be a little lighter than usual, it being a federal holiday and all. We'll be back in full force tomorrow though, getting excited for Wednesday's debate (the first one in 33 days ... not that we've been counting), and looking ahead to the Michigan primary on the 28th. Enjoy your day off!
Mitt Romney’s ambitions for the 2012 primary have never been mysterious. He’s in it to win it, and with a weak field, the primaries should have been a mere prelude to his coronation. Things haven't worked out that way.
As Europe works toward bringing Greece back from the edge of default, the United States is trying to puzzle out how good of a partner we want to be to the eurozone. Lael Brainard, the Treasury's top international diplomat, told the Senate banking committee yesterday that the International Monetary Fund doesn't need an infusion of cash from the U.S. in order to create a buffer from whatever may happen with Greece and the other European economies. “The challenge Europe faces is within the capacity of the Europeans to manage,” she said.
In a surprising change of heart, House Republicans agreed yesterday to extend the $100 billion payroll tax cuts through the end of 2012 without spending cuts to offset the cost. However, the concession may signal a shift in strategy, rather than a cave, on the issue.