Progressing Backwards

The illusion nurtured by supporters of capitalism that workers are constantly improving their financial position is shattered by the IFS.  Wages have fallen more in real terms in the current economic downturn than ever before, according to their recent report. 'On top of rising cost of living, one third of workers who stayed in the same job saw a wage cut or freeze between 2010 and 2011, said the Institute for Fiscal Studies (IFS). ....... In 2009, the average public sector worker earned about £16.60 per hour, which dropped to about £15.80 in 2011, the IFS said. Meanwhile, hourly pay for private sector workers in 2009 was just over £15.10 and dropped to £13.60 in 2011.' (BBC News, 12 June) RD