Recession prompted 'unprecedented' fall in wages -
Wages have fallen more in real terms in the current economic downturn than ever before, according to a report.
On top of the rising cost of living, a third of workers who stayed in the same job saw a wage cut or freeze between 2010 and 2011, said the Institute for Fiscal Studies (IFS).
"The falls in nominal wages... during this recession are unprecedented," said Claire Crawford from the IFS.
Labour said the figures showed there was a "living-standards crisis".
posted by marienbad
on Jun 12, 2013 -
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence
posted by vidur
on Aug 13, 2012 -
Political revolution, the Tea Party, and Occupy Wall Street notwithstanding, what actual policy steps could be taken to prevent the U.S. from falling into a Japanese-like decade of stagnation (or worse)? Economists from the New America Foundation
offer a rather balanced, clearly articulated, and comprehensive proposal: The Way Forward
. [more inside]
posted by GnomeChompsky
on Oct 11, 2011 -
BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?
" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite
on Sep 26, 2011 -
Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University have compared the recent US subprime mortgage crisis with five downturns in industrialized economies in the past 30 years in their brief paper, Is the 2007 U.S. Sub-Prime Financial Crisis So Different?
(pdf). Their conclusion: “given the severity of most crisis indicators in the run-up to its 2007 financial crisis, the United States should consider itself quite fortunate if its downturn ends up being a relatively short and mild one.” Summarized, with some data and charts, here
posted by ibmcginty
on Feb 9, 2008 -
Americans believe in a recession
within the next four years.
But of course. It's only natural after the most prolonged economic expansion in history. So don't go blaming the next administration when it finally happens.
If Gore is president, then people will say: "12 years of democrats is enough!", but if Bush is in charge, then the complain will go "You see? republicans don't have a clue".
posted by tremendo
on Jun 3, 2000 -