On the macro level, the Reckoning of 2007-2008 requires a restructuring of existing and future financial obligations. On the micro level, where people live, it has resulted in a reset. And the reset for many has come to mean lower wages.
In politics, it's not the action that matters so much. It's the reaction. And the reaction to falling wages will gather force in the coming months.
Tuesday, January 11, 2011
Posted by John at 1/11/2011 10:46:00 AM