by Jerome a Paris
Mon May 5th, 2008 at 01:18:05 PM EST
This could quickly become a pretty regular new feature of the site!
Slow German growth sounds poverty alert
More than 10m Germans could fall into poverty by 2020 because of insufficient economic growth, McKinsey, the consultancy, warned in a study yesterday.
No reward for guessing how this terrible fate can be avoided:
Economists fear higher benefits and wages, both of which raise the cost of labour, could halt the sharp fall in unemployment of the past two years. Labour market statistics for April, published last week, showed job creation could be flattening.
McKinsey also warns the government against short-term measures aimed at boosting income and consumption. Only structural steps, the study says, can raise annual GDP growth to 3 per cent - the level it says is required for standards of living to stabilise.
You see, Europeans, poor things, still
don't understand that in order to increase living standards, you have to decrease them
Series numbering corrected; see link-list of whole series.