Newsletter
Global Wages Fall During Economic Recovery – Thousands Seek Lower Cost of Living Abroad
Date: 11/04/2009By Dan Prescher
November 4, 2009 -- Global wages, including wages in the U.S., fell sharply around the world last year, according to a report by the United Nations International Labor Organization.
The report found that inflation-adjusted wage growth around the world fell last year to 1.4 percent, down from 4.3 percent in 2007.
The report said global wages are still falling this year as well, noting "The picture on wages is likely to get worse in 2009, despite the beginning of a possible economic recovery."
Patrick Belser, and economist with the ILO, said wages in the U.S. had fallen nearly two percent since January 2009, showing that workers themselves don’t seem to be sharing in any global economic recovery.
Not surprisingly, thousands of people are searching for places with lower costs of living in an attempt to make their money go farther. Estimates show that millions of Americans are living abroad full or part time to take advantage of lower health care costs, utility costs, and taxes. There may be up to 1 million Americans living full or part time in Mexico alone.
As global wages continue to fall, more Americans than ever may look abroad for economic relief.