American wages in a DEPRESSION
And this from the WSJ:
The Boston Globe's largest union on Monday approved a package of wage and benefits cuts to save $10 million a year at the newspaper, ending a contentious labor battle that began nearly four months ago with a threat to shut down New England's largest daily.
The deal, passed by a vote of 366 to 179, removes a significant obstacle to efforts by Globe owner New York Times Co. to sell the paper.
Under the terms of the contract ratified Monday, the nearly 700 members of the Boston Newspaper Guild will take a 5.94% pay cut, along with a number of other concessions, including unpaid furloughs, a pension freeze and the elimination of job guarantees for many members.
Yesterday we saw pilots for Midwest taking an almost 50% paycut.
Instead of firing 10% of the workforce, cut the wages 20% for 100% of the workforce......you save even more. We are seeing it happen everywhere now....Cities, Counties, States, Hospitals, Colleges, Universities, Manufacturing, Media, Malls....you name it, if you have a job, your wages are likely going to get slashed....
When wages get slashed, taxes paid goes down evaporating tax revenues to government even further......the downward slope keeps getting steeper. I was talking to a local national brand motorcycle dealer today, the unit sales goal was 65 for July, only on track to do 16........guess what is happening to wages at that dealership?
No need to prepare...its now here.