Middle class at risk? Industry warns of sector decline as government tightens wage clamp |
The Industrial Union of Santa Fe has drawn attention to what it describes as Argentina’s elephant in the room: the erosion of the middle class. Job losses, falling income across all segments and restricted consumption are among the indicators of a broader deterioration. Despite accelerating inflation, the government continues to pursue a policy of using wages as an anchor and refuses to approve collective bargaining agreements that exceed the official guideline set by Caputo.
“The decline of the productive system is the decline of the middle class,” the chamber representing Santa Fe’s industrialists said in a document published in recent days. Business leaders argue that “a country cannot sustain itself solely on extractive or financial sectors — it needs a vibrant industrial........