Reason 3: Profits are Recovering – But Not People
When the recession hit, profits fell – as usually happens in the initial stages of any recession. Much of this decline was due to the collapse of construction firms. However, profits recovered quickly and are now growing at a considerable pace.
Wages, however, have continued to fall.
Profits started taking a hit in 2008, as the construction sector started to collapse. This fall in profits continued, at a slower pace, into 2009. Since 2009, however, profits have increased by over 8 percent.
Wages, however, have continued falling. Since 2008, the year the recession started, total wages in the economy have fallen by 17 percent. The ESRI projects wages to continue falling this year and next.
Why should we march? Because workers are being made to pay not only for the crisis, but to help increase profits. We need a recovery for people.
Download PDF here: Reason 3 ProfitsPeople
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