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Wage Deflation in Our Midst

By Implode-Explode Heavy Industries

" ..., there is up to another $5 trillion of household debt that has to be eliminated in coming years and that process is going to require that consumers go on a semi-permanent spending diet. Companies see this, which is why they are not just downsizing their payroll, but have also cut the workweek to a record low of 33.1 hours. Fewer people are working and those that are still working have seen their hours dramatically cut this cycle."

Full post as published by Mortgage Lender Implode-o-Meter on July 01, 2009 (boomark / email).