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Europe, U.S. Economic Policies May Converge, Reich Writes in FT

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May 31 (Bloomberg) -- European political realities may be pushing the continent closer to the U.S. model, where a declining share of total income is going to workers and an increasing amount to profits, Robert Reich, secretary of labor under President Bill Clinton, wrote in the Financial Times.

While German Chancellor Angela Merkel has begun to speak about spurring growth, she remains opposed to fostering it through more spending and wants to accomplish it through structural reforms, which could involve things like “giving companies more freedom to hire and fire,” and to outsource jobs and be less restricted by regulation, Reich wrote.

“This is of course the American model -- which has been fueling corporate profits at the same time as it depresses wages,” the professor of public policy at the University of California at Berkeley wrote.

To contact the reporter on this story: John Simpson in Toronto at jsimpson12@bloomberg.net

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net

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