Jeremiah Cornelius's Journal: Read or watch the whole thing - it's worth it.

"To the deficit commission, a depression is the solution to the problem, not a problem. That's what they're trying to bring about, because you need a depression if you're going to lower wages by 20 percent"

http://michael-hudson.com/2010/12/deficit-hawks-one-two-punch/

Only 20%?

[tomhudson]

With real incomes stagnant since 1980, I thought they've already gotten their 50% reduction.