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The Erasure of the Middle Class: Wages Are Falling Worldwide by beggars

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The Erasure of the Middle Class: Wages Are Falling Worldwide
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If you have a job (and I don't mean writing on Hive), you might already be aware of the war on the middle class. Under the guise of the pandemic, Russia invading Ukraine and inflation, the middle class has been slowly erased over the last few years.

An International Labour Organization (ILO) report has revealed real wages have been falling globally (for the first time this century).

In the first Global Wages Report for two years, the ILO shows global monthly average wages in the first half of 2022 were 0.9% lower in real terms than a year earlier. Among G20 developed economies, which account for about 60% of the world's waged employees, real wages had fallen 2.2% yearly.

In a rather confronting part of the report, it says:

>Looking at a longer period, real wage growth among all G20 countries between 2008 and 2022 was highest in China, where real monthly wages in 2022 were equivalent to about 2.6 times their real value in 2008. In four countries — Italy, Japan, Mexico and the United Kingdom of Great Britain and Northern Ireland — real wages were lower in 2022 than in 2008.

Given the cost of living is not letting up and despite aggressive action from central banks to tackle inflation, real wages have been falling. Despite record productivity levels, countries can afford to mandate higher wages but won't. In Australia, the Reserve Bank of Australia kept threatening Australians with a wage-inflation spiral if they demanded better wages.

The decline in real wages is largely a result of weak economic growth. During the economic recovery following the global financial crisis, economic growth has been slower than in previous decades. This has made it difficult for workers to negotiate wage increases that keep up with inflation. And then the pandemic came along and exacerbated things.

The middle class has been facing a "war" of sorts for the past several years. This "war" is characterized by stagnating wages, eroding job security, and increasing economic inequality. The middle class is increasingly feeling the effects of this war as they face rising living costs and dwindling incomes.

Global economic growth must be strengthened to reverse the decline in real wages. Governments must take measures to promote economic growth and job creation while also taking action to reduce inequality. This includes policies such as enacting a minimum wage, providing job training and education programs, and implementing taxes on the wealthy.

Ultimately, the decline in real wages indicates deep-seated economic problems. Governments and businesses must work together to create a fairer and more inclusive economy that ensures workers receive wages that keep up with inflation.

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