Great Regression

Real wages in the US from 1964 to 2004. The stagnation or decline since the 70s is often cited as an example of the Great Regression
U.S. productivity and average real earnings, 1947-2008

The Great Regression is the trend since 1981 of the reversal of gains made in wages, pensions, unemployment insurance, and welfare benefits in the United States and in Europe.[1][2] The trend was accelerated after the Late-2000s recession.[1]

This is in contrast to the Post–World War II economic expansion sometimes called the "Great Prosperity".

References

  1. ↑ 1.0 1.1 Paul Taylor (reporter) (February 7, 2011). "After the Great Recession, the Great Regression". Reuters in the New York Times. Retrieved 2011-09-06. Wages, pensions, unemployment insurance, welfare benefits and collective bargaining are under attack in many countries as governments struggle to reduce debts swollen partly by the cost of rescuing banks during the global financial crisis.
  2. ↑ Robert Bernard Reich (September 3, 2011). "The Limping Middle Class". New York Times. Retrieved 2011-09-06. During periods when the very rich took home a larger proportion — as between 1918 and 1933, and in the Great Regression from 1981 to the present day — growth slowed, median wages stagnated and we suffered giant downturns. ...