In the 25 years from 1945, the share of the nation’s output going to wages held steady at close to 60% before rising to nearly 65% in 1975. Since that high point, the wage share has been in inexorable decline. Today it stands at a mere 53%. An even steeper fall has occurred in the United States, while continental Europe has experienced a shallower fall.There we have the class war red in tooth and claw, and there, the simple reason why we raise the banner of socialism. In the good times we were exploited, in the bad, we're exploited more.
...wages have been falling behind productivity growth. Over the last three decades economic potential has been growing by 1.9% per year while real wages have been rising by only 1.6% a year. Since 2000 the gap has widened with real wages rising by around half the productivity gains.
Thursday, April 29, 2010
We're all in this together?
Only just found this blog post but it does say something that's more important to this election than whether Gordon Brown is sorry or truly sorry: