They show that wages in deficit countries have risen since 1999 far ahead of productivity.
Related: Labour manifesto pledges to boost minimum wage and cut deficit Miliband is determined to junk the post-Thatcher consensus that promoting economic growth meant protecting "wealth-creators" at the top of society – a view he and his supporters believe was comprehensively disproved by the great recession and its aftermath.
But partly as a result of higher wages, the budget deficit is expected at least to double to above 6% of GDP this year.All this creates a headache for Mr Castro.
It's rather stunning: A former president addresses members of a generation which has been saddled with record student debt, and which faces the worst job market for graduates in modern history -- and he talks, not of jobs or debt or decent wages, but about deficit reduction.
The wake up call delivered by the public via recent elections and opinion polls has stirred the Administration to action on two dimensions of America's jobs crisis: the jobs' deficit and wage stagnation.
That implies the need to keep the lid on deficits and wage growth.But a floating-rate system is not a free lunch either.
Euro zone governments and the I.M.F. are asking that investors take a leap of faith and accept that the bone-crunching austerity programs in Greece, Ireland and Portugal, underpinned by tax increases and sharp wage reductions, will reduce deficits and, ultimately, high levels of debt.
But, because it resides outside the euro zone and has benefited from a pick up in exports because of the weakness of the pound, it has not faced the immediate pressure to cut public spending and wages as have high deficit countries like Greece, Spain and Portugal.
With Germany and most of Euroland run by politicians of the left, I foresee rising budget deficits, inflationary wage deals, falling employment and investment, and a reversal of supply-side reforms such as labor market deregulation.
We also have not heard much about how the state elections will hurt efforts to raise state minimum wages -- the "deficit-cutting, we must help business" mania will blunt new campaigns.
