Tuesday, March 23, 2010

Mission accomplished

John Key, 20 December 2007:

We would love to see wages drop.
Wages set to fall, Stuff, 23 March 2009:
Real wages are set to fall over the coming year as rising prices and extended unemployment keep the labour market subdued, economists say.

The value of wages will decline 0.5 per cent in the 12 months through March 2011 as inflation exceeds salary growth, while unemployment remains elevated, according to the New Zealand Institute of Economic Research’s consensus forecast of ten financial and economic agencies.

I bet he's happy now.

[Hat-tip: The Standard]