I think the current more important question is “will unfunded tax cuts and massive government spending to prop up the energy market only act to embed existing high inflation?”
The most interesting part of the article was that it’s only a theory from the 60’s that increasing wages would actually increase inflation. It has never actually been tried and tested. Now seems like a good time to try it out if you ask me
It’s already out of control. The official rate of inflation is 10% or thereabouts. Anybody who buys their shopping from supermarkets in the UK know the truth. Those everyday items you always buy? Gone up haven’t they? More than 10% isn’t it?
Inflation soared despite pay freezes for the last god knows how long. There is always some daft reason capitalists use to not pay the workers their fair share.
Yes.
Well, that’s what they want you to think.
Remember, unfettered tax cuts and pay raises are OK for them but for you and me? Pfft. Fuck us.
So much production is automated that increasing wages wouldn’t increase the price of products significantly. Increased consumer spending boosts the economy as a whole though as consumers feel more comfortable spreading their earnings into the economy across a variety of different sectors.
At worst labour intensive industries with thin margins like agriculture will see increases in price to compensate but the greater benefit to the economy as a whole is worth the increase.
Not raising pay discourages spending and forces consumers to save up which does virtually nothing for the economy (except the banks maybe).
Well inflation is already out of control, as are prices, yet wages have been basically stagnant for a decade, so…no, or even if it does it’s not like the alternative is better.
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I think the current more important question is “will unfunded tax cuts and massive government spending to prop up the energy market only act to embed existing high inflation?”
The most interesting part of the article was that it’s only a theory from the 60’s that increasing wages would actually increase inflation. It has never actually been tried and tested. Now seems like a good time to try it out if you ask me
It’s already out of control. The official rate of inflation is 10% or thereabouts. Anybody who buys their shopping from supermarkets in the UK know the truth. Those everyday items you always buy? Gone up haven’t they? More than 10% isn’t it?
Inflation soared despite pay freezes for the last god knows how long. There is always some daft reason capitalists use to not pay the workers their fair share.
Yes.
Well, that’s what they want you to think.
Remember, unfettered tax cuts and pay raises are OK for them but for you and me? Pfft. Fuck us.
So much production is automated that increasing wages wouldn’t increase the price of products significantly. Increased consumer spending boosts the economy as a whole though as consumers feel more comfortable spreading their earnings into the economy across a variety of different sectors.
At worst labour intensive industries with thin margins like agriculture will see increases in price to compensate but the greater benefit to the economy as a whole is worth the increase.
Not raising pay discourages spending and forces consumers to save up which does virtually nothing for the economy (except the banks maybe).
Well inflation is already out of control, as are prices, yet wages have been basically stagnant for a decade, so…no, or even if it does it’s not like the alternative is better.