Today, the Spanish Minister of Economy, Nadia Calviño, has published a document to convince large capital funds to invest in state debt. In other words, she explains why betting on the overall result of national capital is a good investment. The set allows to understand well the continuity of the "road map" of the Spanish bourgeoisie and what it considers its "achievements". Achievements that, of course, the PSOE-IU-Podemos government makes its own and intends to carry "further".
Spain is, among the 4 largest countries in the EU, the country that has devalued the wages the most. Before the Covid, Spanish wages were reduced to 87.5% of what they were so far this century.
Spanish capital has been increasingly applied to the service sector, which is more precarious and "flexible", leaving behind its dependence on construction and industry...
...increasing its profitability faster than the rest...
...despite narrowly maintaining its exports (although more so than the others).
"Credit" does not belong to a single government, this strategy is a real recurrent workout of Spanish capital and its political apparatus, with the PP, PSOE... and now IU-Podemos, at the helm.
Wage share in Spanish GDP since 1978 (including profit shares disguised as wages) The labor share only grows when capital crashes and has not yet had time to attack wages, spending on labor power maintenance and working conditions even more.
But we must not take credit away from the PSOE and Sánchez. If the Spanish bourgeoisie entrusts him with the management of what seems to be the hardest recession in decades, it is for a reason. All we have to do is remember the last year before the pandemic...
Sanchez's "successes" for the Spanish bourgeoisie
- Orienting the labor market towards the reduction of total volume of paid wages while increasing the lowest wages.
- Increasing the number of unpaid overtime hours (by no less than 20%) through a "timekeeping" act that was supposed to do the opposite.
- Setting up the scrapping of the pension system through the " Austrian backpack" precarization