Thursday, October 18, 2012

Americans' Wages Expect to Decline Further


The Wall Street Journal reports today: "US Executives Pessimistic" (2012, Oct 18), p. B2.

The article explains that a survey of 6,8000 Harvard Business School alumni found that respondents were "deeply pessimistic about the ability of companies in the US to compete in the global economy and to pay high wages to US workers...."

We are experiencing a global "race to the bottom" in wages driven by the ceaseless desire to maximize profits at all costs.

Please see my essay on the devolving neo-feudal economy here:
http://majiasblog.blogspot.com/2012/08/low-wages-in-us-signal-devolving.html

Also
Jun 02, 2012
Majia Here: The article describes in detail the shift toward low wages in manufacturing at about $9 or $10 dollars an hour, with some up to $14 or $15 an hour. It is notable that most of the jobs described in the article do offer ...
 
Apr 04, 2011
The Wall Street Journal reports today that American workers' wages are actually falling when increasing living costs--food, gas, and health care costs--are included in calculations of wage levesls: "Average hourly earnings ...
 
Sep 13, 2010
Wages Collapsing. http://epi.3cdn.net/e5fad31427498e7540_bwm6b5ac1.pdf. From the Economic Policy Institute: From the Introduction to the Report: "Workers who have kept their jobs or found new work during this downturn ...
 
Jul 04, 2011
While US unemployment remains at near-Depression levels and health care, pensions and education are being slashed by all levels of the government, the pay of corporate CEOs is soaring.... Posted by Majia's Blog at 9:47 ...
 
Sep 02, 2009
The WSJ reports that "wages and salaries alone have fallen 4.7% since the recession began, dragged down by layoffs, pay cuts and shorter hours." Posted by Majia's Blog at 3:39 PM · Email ThisBlogThis!Share to ...
 
Apr 18, 2012
Over one half (fifty-five percent) of Americans' wages were affected in the forms of job layoffs, wage and hour cut backs, and unpaid furloughs during the recession years of 2007 to 2009. Thirty-two percent of Americans ...
 
Jul 14, 2010
Wage equity does NOT mean that everyone makes the same amount of money. Rather, the point here is that our economy has become as unequal as Mexico's and gross inequality stifles aggregrate demand and produces ...
 

3 comments:

  1. The important thing is not wages but the purchasing power.

    ReplyDelete
  2. that is a good point. As the dollar deflates, purchasing power for imports will decline.

    but US exports will get a boost...hopefully stimulating job creation

    at least, I think that is the plan

    ReplyDelete
  3. thanks for sharing.

    ReplyDelete