Workers of the world are getting poorer in real terms (purchasing power after inflation) for the first time this century. From Bill Bonner at bonnerprivateresearch.com:
More on the government’s middle class massacre…
Bill Bonner, reckoning today from Baltimore, Maryland…
Sales at bricks-and-mortar stores over Thanksgiving weekend fell short of prepandemic levels and were behind last year’s totals, another sign that Black Friday is losing its status as the crucial kickoff to the holiday-shopping season.
“It used to be people would wait in line from midnight for the stores to open at 4 or 5 a.m….”
What happened?
Hot off the press is a report from the UN’s International Labor Organization. It tells us that for the first time this century, workers of the world are getting poorer:
This year’s ILO Global Wage Report… shows that, for the first time this century, global real wage growth has become negative while real productivity has continued to grow. Indeed, 2022 shows the largest gap recorded since 1999 between real labour productivity growth and real wage growth in high income countries. While the erosion of real wages affects all wage earners, it is having a greater impact on low-income households which spend a higher proportion of their disposable incomes on essential goods and services, the prices of which are increasing faster than those for non-essential items in most countries.
STRAIGHT LINE LOGIC 