Common Dreams reports on the global impact of austerity programs, especially how they are impacting job growth. Citing a recent report by the International Labor Organization, the authors note that countries embracing cost cutting programs have seen the worst job losses (in the U.S., see Wisconsin). They argue that government intervention will do more to spur job growth. I think the scariest news comes at the end of the article when the authors cite the ILO report finding “a downward spiral of wages.” Fewer jobs. Workers with less income and security. Who wins this game? The 1%.
International Labor Organization
Posted: April 30, 2012