Wages aren’t rising as quickly as inflation (7.2 per cent), which means they’re falling.
Yet you won’t get any finance journalists or analysts stating this because they are shackled to the neo-liberal economic paradigm, which should have died back in 2007/2008.
In the hospitality industry employers are struggling to pay wage rises which is why, in some cases, they resort to wage theft. Some of course are just utter bastards.
People are switching jobs at the highest rates since 2013. That’s called ‘job mobility’ and it’s why Republic Resumes is so busy.
People changing jobs drives wage growth but only in specific areas.
History tells us that a grossly unhappy populace, who see bankers and CEO’s earning multimillion dollar salaries, get hostile when the social contract is torn up in front of their faces.
That’s what is happening now.
There has been bugger-all no wage growth for ten years or longer and people are living on the bones of their arse.
The theory of economic ‘trickle down’ is a sham.
Profits are locked in at the senior executive level and/or handed out as dividends to shareholders.
Thanks for allowing me my Friday rant.