Employers cut wages as Covid-19 drags on, concerns rising (Politico)

Wage cuts are a concern as the Covid-19 crisis continues, according to a report in Politico. Millions of workers are seeing companies lower wages or cut hours, even though the workers remain employed. “There’s these massive job losses. There’s hours being cut, overtime being lost,” said Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth. “And then on top of that — and this is something we just really haven’t seen at all — is a large fraction of workers taking cuts in their wages.”