Cut My Pay, But Please Give Me A Job

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
http://globaleconomicanalysis.blogspot.com
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