It would mean that German industrialists and their
government allies, who have attempted to grow not by investing in productivity but by forcing German
workers and their European partners to subsidize their unit labor costs, after having caused huge damage to peripheral Europe's balance sheets and European
workers everywhere, including in Germany, will now pass the cost
onto the rest of the world.
Eroding pension plans by shifting risk
onto vulnerable employees and retirees with limited ability to absorb income cuts is quite in keeping with the Harper
government's determination to lower the boom on public sector
workers and improve the profitability of their corporate friends in the private sector.