Via Tom Keene, here's a chart showing "deflation adjusted" real wages for Japan. The US has followed Japan in other ways, will real wages in the US do the same?:
This is a killer chart of Chairman Bernanke’s worst nightmare. Well, at least one of them, vintage 2003. This is deflation-adjusted real wages for Japan. ... The real Japanese wage has tanked 6.5% or so in a decade-plus.
Unless labor markets pick up soon, and most forecasts are for just the opposite -- a very slow recovery for employment -- this is something to worry about. [Also posted at MoneyWatch.]