andrewducker: (Default)
andrewducker ([personal profile] andrewducker) wrote2011-12-22 11:00 am

[identity profile] drdoug.livejournal.com 2011-12-22 05:46 pm (UTC)(link)
saved from lowering wages

Hahahaha!

Wages in the UK went down 3.5% in the last year, and from memory they were down the year before as well, and possibly the one before that too. See e.g. http://www.guardian.co.uk/money/2011/nov/23/uk-household-earnings-fall

Or did you mean saved from lowering nominal wages? Which is indeed an important thing - it's becoming increasingly apparent in the current eurocrisis that nominal wages are very, very hard to lower.

But that's rather different from an unqualified "wages". Inflation does matter!