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Americanized Labor Policy Is Spreading in Europe
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Porter cites a report by Kai Daniel Schmid and Ulrike Stein of the Macroeconomic Policy Institute in Dusseldorf. The report shows the top 10% of Germans having 26% of the country's income before taxes and transfers in 1991. This increased to 31% by 2010. For the same period of about 20 years the bottom half of the population took in 17% in 2010 dropping by 5% from 22%. The growing income inequality in Germany is comparable to what has happened in the U.S. over this period.
Der Deutsche Sparer- German savers and low interest rates of 0.25% in Germany
03/03/2012
Only about 9.4 million Germans own stocks and mutual funds. German savings are much higher than int the U.S.- about 10% compared to 5%. The low interest rates and conservative approach of workers and middle class in avoiding equity investments especially after the 2008-2009 financial crisis means that their savings are falling behind inflation and declining in value. Media reports in Bild and Der Spiegel are critical of this transfer of wealth from workers and the middle class to upper income Germans. Increase in stock and mutual fund investments by Germans are still only about 5%, with a 5% decline in savings deposits, meaning workers and middle class still are risk averse to equities.
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Wall Street Journal 11/25/2013
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Low wages in minijobs as the blemish in the "Jobswunder" in Germany
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A quick look at the graphs for the increase in low wage jobs and the reduction in the number of people classified as jobless in Germany for 1999- 2010 shows a disturbing trend beneath the good numbers- a significant part of the increase in jobs is made up of low wage jobs. In the beginning the minijobs and tax free income for upto 450 euros a month earned on a minijob was designed to be a ladder to full time jobs, but this is now clearly not the case as most offer no future prospects for full time work. Many of these workers are women in retail, restaurant and other parttime work and leads to further dependency and dead end status for them.
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Temporary workers in Germany
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Germany's Social Democrats Agree to Coalition Talks With Merkel
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Women and low wage minijobs in Germany
08/14/2010
Germany's Ministry for Family Affairs recently completed a study showing minijobs for women in retail, healthcare and other fields puts women in deadend jobs and a situation of "lifelong economic powerlessness and dependence for women." The numbers for minijobs paying low wages in parttime work show large increases in 1999-2010, the same period when unemployment declined in Germany to 6.9% by 2013.
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Eduardo Porter on the choices facing Germany in 2012-2013
06/26/2012
As European leaders jointly push Germany to accept deposit insurance for European banks, European banking regulation, and eurobonds, Porter looks at the choices facing Germany. Eichengren of UC Berkeley says Ms. Merkel may be trying to extract as many quid pro quos as possible as she continues to oppose all moves to aid financially troubled eurozone countries. In the end says Porter it is in Germany's interest to relent, as the costs have been overstated, Germany will not forfeit aid money, and Germany is the main beneficiary of the declining competitiveness of its neighbors. A return to the deutsche mark now would present deeper problems for Germany as its exports would decline.
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Wage flexibility by labor unions in France as part of an effort to improve competitiveness and reduce unemployment
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Sarkozy, Hollande and the unions are in agreement on adopting some aspects of what Germany did to reduce high unemployment in the last decade- adjusting wages and benefits in recessionary periods to avert layoffs. The German "kurzarbeit" program is more elaborate and France has to make more progress to adopt that type of arrangement, but the direction is clear and has popular support in France in 2012-2013.
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Increasing disparity in incomes, higher inequality and the middle class.
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The situation in the US, Germany, Britain, China, India, Brazil and other countries.
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Economic policies for a new CDU-SPD coalition government in Germany- 2013-2017
08/17/2010
A new coalition government of the CDU-SPD has support from the German public and includes such policies as raising the minimum wage to 8.50 euros an hour, tighter financial markets regulation, and a shift to a growth and employment strategy for the EU.
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The crisis facing Centre-Left parties in Europe as they lose their working class base with promarket reforms- 2005-2009
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Gerhard Schroeder and the SPD in Germany lost badly in 2009 elections with support down to 23% of the vote. In Britain, France, Poland, a similar situation prevails.
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The growing low wage sector as downside of Germany's improving unemployment rate in 2009-2013
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The unemployment rate dropped to 7.6% in Germany in 2009 an 6.9% by 2013. Experts says this is a result of the rapid growth in the sector paying low wages.
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'Minijobs' Lift Employment But Mask German Weakness
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Europe's Easy-Money Policy Snubs German Savers
Wall Street Journal 11/25/2013
Americanized Labor Policy Is Spreading in Europe
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ECB study in April 2013 using 2009-2010 data showing the median household wealth in Germany at 50,000 euros, lowest in the eurozone
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The median for household wealth in Greece is 102,000 euros.
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Greeks Brace for More Pain on Wages
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Growing inequality in the U.S. and Germany with declining incomes and wealth of the bottom half of households- 1985-2015
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Linked Articles
How Quantitative Easing Contributed to the Nation's Inequality Problem
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Americanized Labor Policy Is Spreading in Europe
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