by Edward Grierson
It goes without saying that the current wage situation in the UK is not good. Following the disastrous speculation on the banks’ behalf that led to the recession, real wages for UK workers fell by 10.4% from 2007-2015, a decline only matched by Greece. Even worse has been the combination of this wage drop with the continued pay gap between employees and the people who employ them: as of 2015, the salary of a UK CEO was nearly 130 times that of the average UK worker’s salary.
The reason why this is a concern, why we should be worried about falling wages, surely is obvious.Continue Reading
by Oliver Steward
The United States is experiencing relative decline vis-a-vis in relation to other so-called ‘Great Powers’, notably China. The election of President-elect Donald Trump may navigate this transition or accelerate this relative decline in the second decade of the 21st century.
US GDP has only grown nominally at 1.5%. Some important elements can be taken to show the growing disparity and changes to the world’s two most important economic powers. As discussed in The Globalist, ‘US GDP stood at $16.8 trillion in 2013 —just about 4% larger than China’s economy…. [While]The IMF estimates that China’s GDP at purchasing power parity was $17.6 trillion at the end of 2014.’ Furthermore the US is spending $1 trillion on domestic and national security under the auspices of counter terrorism. It has spent blood and treasure in two costly wars in Iraq and Afghanistan. Continue Reading