This statement which was made by Putin during the election campaign shows that even the bourgeoisie cannot hide the desperate situation of the Russian working class. Putin did not, of course, say what he was going to do about it. Every year since 1990, except 1999, the economy has contracted. Education and healthcare have virtually collapsed and pensions are eroded in value and often not paid. For those in work the situation is not always much better.
Workers go for months, even years, without having their wages paid.
It represents a massive collective loan by the Russian workers to the Russian bosses and, if it is repaid, it will be without interest in devalued Roubles. The position many workers has become so desperate that they only survive by taking second jobs, selling their possessions or growing vegetables to feed themselves. At the 1996 election, Yeltsin pledged to pay all wage arrears but of course did not do so. Some 20 million Russians are affected by late payments and this has led to many strikes. There have been general strikes in all the years since Yeltsin said he would pay arrears.