Who Pays the Price of the Recession?

By SPGB

House­holds face the most dra­matic squeeze in liv­ing stan­dards since the 1920s, Mervyn King, the Gov­er­nor of the Bank of Eng­land warned. Fam­i­lies will see their dis­pos­able income eaten up as they “pay the inevitable price” for the finan­cial cri­sis. With wages fail­ing to keep pace with ris­ing infla­tion, work­ers’ take– home pay will end the year worth the same as in 2005 — the most pro­longed fall in liv­ing stan­dards for more than 80 years.

House­holds face the most dra­matic squeeze in liv­ing stan­dards since the 1920s, Mervyn King, the Gov­er­nor of the Bank of Eng­land warned. Fam­i­lies will see their dis­pos­able income eaten up as they “pay the inevitable price” for the finan­cial cri­sis. With wages fail­ing to keep pace with ris­ing infla­tion, work­ers’ take– home pay will end the year worth the same as in 2005 — the most pro­longed fall in liv­ing stan­dards for more than 80 years.
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Source: World Socialist Party (US)