So now you know, folks. It's not about getting blood from a stone. It's downward nominal wage rigidity....this pattern is the hesitancy of employers to reduce wages and the reluctance of workers to accept wage cuts, even during recessions, a behavior known as downward nominal wage rigidity.
Hang on...wages for the bottom rungs have declined in real terms while productivity - and wages of bosses - has gone up. So wage stagnation, higher taxes and outgoings are not enough then? Jeez.Downward rigidities prevent businesses from reducing wages as much as they would like
Let me guess...these authors bring in a minimum of $200,000+ annually. What they examine - the inability to cut already low wages - does not apply to them. They even blame this unwillingness to take pay cuts for the Great Depression!
Reports like this make the case for revolution.