It’s not just the Haddington Road cuts, the troika and the austerity junkies with their ‘tough choices’ dogma who have you working harder and longer for less. It’s a worldwide phenomenon.
Here’s the view of the The Economist, a publication not especially noted for socially progressive values, on how the race to the bottom in wages, new technology, privatization and regressive employment deregulation have cut workers’ share of wealth, from the US to Europe and China to Mexico.
‘Accelerating technological change and rising productivity create the potential for rapid improvements in living standards. Yet if the resulting income gains prove elusive to wage and salary workers, that promise may not be realised.’