The Great Regression refers to worsening economic conditions affecting lower earning sections of the population in the United States, Western Europe and other advanced economies starting around 1981. These deteriorating conditions include rising inequality; and falling or stagnating wages, pensions, unemployment insurance, and welfare benefits. The decline in these conditions has been by no means uniform. Specific trends vary depending on the metric being tracked, the country, and which specific demographic is being examined. For most advanced economies, the worsening economic conditions affecting the less well off accelerated sharply after the late-2000s recession.[1][2]
The Great Regression contrasts with the "Great Prosperity" or Golden Age of Capitalism, where from the late 1940s to mid 1970s, economic growth delivered benefits which were broadly shared across the earnings spectrums, with inequality falling as the poorest sections of society increased their incomes at a faster rate than the richest. [1][2]
- ^ a b Robert Bernard Reich (September 3, 2011). "The Limping Middle Class". New York Times. Retrieved September 6, 2011.
During periods when the very rich took home a larger proportion—as between 1918 and 1933, and in the Great Regression from 1981 to the present day—growth slowed, median wages stagnated and we suffered giant downturns. ...
- ^ a b Paul Taylor (February 7, 2011). "After the Great Recession, the Great Regression". Reuters in the New York Times. Retrieved September 6, 2011.
Wages, pensions, unemployment insurance, welfare benefits and collective bargaining are under attack in many countries as governments struggle to reduce debts swollen partly by the cost of rescuing banks during the global financial crisis.
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