Ostentatious Philanthropy vs Wages

THEOREM: "The magnitude of Ostentatious Philanthropy is inversely proportional to the welfare of the working class."

PROOF: Economic Letter, Federal Reserve Bank of San Francisco, March 7, 2011: Long-Run Impact of the Crisis in Europe: Reforms and Austerity Measures. Quote: " However, a long-run solution to Europe's problems requires economic reforms that increase competetiveness and REDUCE LABOR COSTS (emphasis added - ed.) in the peripheral countires. Such reforms could promote convergence of the euro-area economies and enhance the long-run sustainablility of monetary union."