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The 2008 financial crisis cost you £800 a year

Apparently wages are 3% lower than they were ten years ago

Thanks to some research by the IFS (that’s the Institute for the Fiscal Studies) done for BBC (we assume you know what that one stands for), we now know that we’re £800 a year worse off than we were ten years ago, rather than just feeling it. Cool!

The IFS found that while our actual pay packets haven’t necessarily been cut, our “real wages” have dropped, mostly for young people (that’s those 39 and under apparently—rude). Real wages are what economists calculate to get an understanding of how stuff actually feels. They’ll adjust income for any increases in the cost of living. The latter has shot up (surprise surprise), and what we’re earning each month hasn’t (surprise surprise).

There is perhaps an explanation for why younger people were hit harder, though. The bloke in charge at the IFS (Paul Johnson) said "The average earnings of those in their 20s and 30s fell especially sharply in the immediate aftermath of the recession, perhaps as employers were able to cut starting wages more than wages of those already in work."

In its defence, the government says that we’ve got record levels of employment and tax cuts have helped support many millions of workers.

There’s a lot of talk about the financial crash at the moment, because it’s the ten year anniversary of it happening. Party.

Referencing the government's promise that universal credit would lift 350,000 children out of poverty, Corbyn maintained that some are saying that current system will actually increase the number of children in poverty.

They both stood their corner and made sure we heard what they wanted us to hear, anyway.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?