It is on the news that NWC or National Wage Council may recommend wage cuts to save jobs. It is a series of unfortunate incidents. First inflation from 2007 through to first half of 2008. Then in September 2008, financial crisis cause by toxic debts cumulating collapse of investment bank, Lehman Brothers. The financial crisis has now spread to the "real" economy and economies are shrinking, jobs losses or threats of job losses are mounting. Hence, NWC is seriously considering wage cuts as a way to save jobs.
Taxi drivers business has dropped by 20% in pre-CNY period. This is very unusual and barbers are not increasing their price. These are signs of times. It is the worst of times. Best of times may be coming soon...
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