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A decline in unionization and moves by employers to stop people from changing jobs have undermined competition in the US labor market, lowering salaries by 20 percent, the US Department of the Treasury said on Monday. “Capitalism without competition isn’t capitalism. Capitalism without competition is exploitation,” US Secretary of the Treasury Janet Yellen said during a roundtable with workers affected by the practices. The cost of anti-competitive measures are “severe” and “large enough to meaningfully change a family’s standards of living,” Yellen said. US President Joe Biden has blamed corporate consolidation for pushing up prices and last year he signed an executive order

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