The NYT reports that "China has a rapidly aging society that demographers warn could present significant problems. Already, the work force is defying the popular impression that the labor supply is endless. Factories have reported shortages of young workers in recent years."
What's the problem here? There is not literally a shortage of young workers, as the paper claims. The problem is that firms would have to raise their pay rate, which they don't want to do. China is not close to being short of labor in the sense that it doesn't have enough people to do what needs to be done. Wages are rising rapidly, which is what should happen in a developing country. This may put some factory owners out of business, but who cares? No one promised them that they could make money on their business.
In short there is no reason presented here for China to be concerned about having too few people.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved