CNNMoney has an article that is certainly a part of the ongoing deflation debate. Please consider Cut my pay … please!
With unemployment as high as 9.4% and job prospects scarce, job seekers are willing to accept as little as half of what they were making before, if it means finding a job.
In a recent survey, 65% of out-of-work respondents reported willingness to accept wages up to 30% lower than their previous compensation. And, 3% and 4%, respectively, said they would accept up to 40% and 50% of prior wages, according to the 2009 Annual Career Fair Survey released by Next Steps Career Solutions.
“I see it every day,” said Jay Meschke, president of EFL Associates, a division of professional services company CBIZ. “People are out there accepting positions as much as 50% below what they were making before.”
“If it is a choice of putting food on the table, paying for a kid’s school expenses, or attempting to get on a healthcare plan — many people are flat out accepting jobs well beneath their former market values,” he said.
If you think this is inflationary, you are not thinking clearly.
Mike “Mish” Shedlock
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