Today, the press reported that the World Bank's World Development Report (WDR) 2009 stated that Malaysia was the only country in East Asia whose real wage per employee has not changed from 1994 to 2007. The report also apparently points out that the wages of government employees have been rising although that of the private sector have not.
I think such findings will hardly feel surprising for most Malaysians, especially among urbanites. I just have a feeling that the material achievements of my parents' generation (e.g. house, a couple of cars etc.) are becoming harder and harder to reach.
Despite my pessimism about my own prospects as an educated, white collar, blue chip company employee, I can only shudder when I think about the plight of the average working class person. Persistent inflation, unrelenting competition from the hordes of imported menial labour, the degradation in affordable public services- life must surely be one hell of a struggle.
Despite Malaysia's dubious honour of being east asia's most stagnant wage market, I think Malaysia is hardly unique, and across the world the gap between the rich and poor has gotten steadily wider over the last decade. The gap is partially noticeable in the huge increase in asset prices (i.e. stocks, houses, commodities, precious metals) in the 15 years or so ending in 2008, which of course benefited asset owners, i.e. the rich.
And the day of reckoning is here.
Asset prices are dropping or in outright collapse, credit and spending have slowed, and the world is in the grip of the worst economic crisis since the great depression. If only most of the losses could be borne by those who have most benefited from the excesses of the last 15 years.
Alas, the world doesnt operate on notions of justice, and so the weak, the poor, and the ignorant will continue to suffer more than the rich and powerful.
If only it didn't have to be this way.
No comments:
Post a Comment