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Part of the wage adjustment after a downturn rests on how much workers are willing to give up.
WSJ: Downturn's Ugly Trademark: Steep, Lasting Drop in Wages
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This is why some economists argue that a little bit of inflation, say 3%, is a useful lubricant for relative wage adjustment, because it makes it easier to disguise real wage cuts.
ECONOMIST: Does your company really need an annual pay round?
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If the alleged benefits were voted down, there would be an immediate wage-demand adjustment on the part of most unemployed on the way to them finding work at wages that reflect actual demand for labor in the marketplace.
FORBES: With Unemployment Benefits, It's the Invisible That Truly Matters
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Equal emphasis should be put on public-sector adjustment and nominal-wage reduction in the private sector.
ECONOMIST: Free exchange: Latin lessons | The
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To prevent that, the government will have to be harsh with public-sector unions and in its annual adjustment of the minimum wage on May 1st.
ECONOMIST: Brazil and the IMF
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Ten states have announced an increase in their minimum wage effective January 1, mostly because their legislation requires an adjustment to the Consumer Price Index inflation measure.
FORBES: Why Raising The Minimum Wage Kills Jobs
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Since the adjustment of the covered earnings ceiling depends on nominal wage growth, if inflation takes off or if real wages grow even more rapidly, the covered earnings ceiling will grow at an even faster pace.
FORBES: Social Security's Huge Obscure Incentive To Keep Working