The general decline in wages will have a great impact on society and economy. First of all, it will lead to the widening gap between the rich and the poor in society. Due to the decline in wages, the income of low-income people will be even meager, while the income of high-income people may not be greatly affected. This will further aggravate the gap between the rich and the poor in society and lead to social instability and unfairness.
Secondly, the general decline in wages will lead to a decline in spending power. If wages fall, people's income will decrease, thus reducing their spending power. This will have a negative impact on the economy, because consumption is an important pillar of the economy. If consumption decreases, the company's income will also decrease, leading to a decrease in economic activities and an increase in unemployment.
In addition, the general decline in wages will also lead to brain drain and productivity decline. If wages fall, the value of the labor force will be underestimated, so high-quality workers may leave the country in search of higher income opportunities. This will lead to brain drain and reduce the productivity of a country or region.
To sum up, the general decline in wages is an unfavorable phenomenon, which will lead to the widening gap between the rich and the poor, the decline in consumption power, the reduction of economic activities and the brain drain. The government and enterprises need to take measures to avoid the general decline in wages, such as improving education level, promoting innovation and development, encouraging enterprises to increase investment and creating employment opportunities. In order to maintain the sustainable development of economy and society.