Well not bird flu actually, but decoupling of median incomes and productivity growth. About as nasty an economic development as one could imagine.
FROM THE OECD INSIGHTS BLOG
Do workers reap the benefits of productivity growth?
In the last twenty years of the 20th century, each pound of UK GDP growth was accompanied by around 90 pence of median wage growth. From 2000 to 2007 that figure fell to just 43 pence. This bears worrying similarities to the experience of the United States; with US median wages now flat for a generation, the pay of Americans in the bottom-half has decoupled from productivity growth. A new report from the Resolution Foundation by Professor John van Reenen and Joao Pessoa of the London School of Economics looks at how the relationship between productivity and compensation for workers has changed in the UK and in the US, building on similar work carried out in the US by Jared Bernstein. The report defines two types of decoupling, each of which tells a very different story. Read more