The only other downturn since the Depression to see similarly large wage cuts was the 1981-82 recession.
They, too, made concessions in the mid-90's and are eager to receive large wage increases.
Mr. Harding took sharp issue with statements that much of the surplus should be devoted to large wage increases.
Companies expected to be able to raise prices as needed, so they agreed to large wage increases for unionized workers.
For example, a large wage gap between majority and minority employees such as male and female workers makes cultural change more likely.
The new measures center on very large wage increases for workers and even larger increases in prices for everything from food and electricity to housing.
Belatedly, unions realised that their own pressure for large wage rises and public spending, along with excessive job protection, had brought the roof in on themselves.
Shuntō subject matter has gradually broadened to include issues such as work hours, pensions, and housing, as well as large wage bonuses paid once or more each year.
As prime minister Fraser attempted to curb inflation by such orthodox measures as trimming government spending and discouraging union demands for large wage increases.
Let's give credit where credit is due by admitting this relatively large wage hike will benefit a whole lot of people.
