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Posted On: 07/19/2020 9:14:52 AM
Post# of 27112
America’s hidden economic crisis: Widespread wage cuts!
WE are headed for a Depression!
Employers are using pay cuts to stay afloat during the recession, an unusual move that could signal deep damage to the labor market.
Millions of Americans who managed to hold onto their jobs amid the coronavirus pandemic have seen their incomes drop as employers slashed wages and hours to weather what they expected to be a short-term shutdown.
Now, with the virus raging and the Recession deepening, those cuts that were meant to be temporary could turn permanent — or even pave the way for further layoffs. That could portend deep damage to the labor market and the economy because so many workers who have kept their jobs have less money to spend than a few months ago.
https://www.politico.com/news/2020/07/19/wage...sis-368508
WE are headed for a Depression!
Employers are using pay cuts to stay afloat during the recession, an unusual move that could signal deep damage to the labor market.
Millions of Americans who managed to hold onto their jobs amid the coronavirus pandemic have seen their incomes drop as employers slashed wages and hours to weather what they expected to be a short-term shutdown.
Now, with the virus raging and the Recession deepening, those cuts that were meant to be temporary could turn permanent — or even pave the way for further layoffs. That could portend deep damage to the labor market and the economy because so many workers who have kept their jobs have less money to spend than a few months ago.
https://www.politico.com/news/2020/07/19/wage...sis-368508
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