Mitsubishi Group: West Must Abandon Sense Of Entitlement...

Online, July 22, 2010 (Newswire.com) - "Mitsubishi Group" strategists have warned that workers in advanced economies must come to terms with the fact the standard of living they have grown accustomed to must be sacrificed if their jobs and the companies providing them are to survive in a more competitive world.

The stark warning came in the firm's latest client email newsletter which also chastised Western workforces for "feeling entitled" to far higher wages and far superior benefits to those of their Chinese or Indonesian counterparts.

The "Mitsubishi Group" newsletter also slammed developed governments for being economical with the truth that, in order for plans to export their way out of debt to work, the wages of millions of workers would have to fall into line with those of workers in developing nations.

Only workers in the more advanced industries like technology would be able to justify the wage premiums over salaries paid in developing nations.

"Mitsubishi Group" conceded that, in all likelihood, the transition would be particularly painful for over-indebted consumers in the West and they forecast that the gap between haves and have-nots would widen and, perhaps, lead to social unrest.