From the ONS this morning:
The contrast between the pre-2008 era and since is big: people should take note.
The current decline in real wages is also unprecedented.
That's why we need a plan to deal with it.
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Employers, especially large corporations and governments seem immune to any form of “plan” to deal with the economic crisis, let alone the ecological one that we are experiencing. So far strike action has been limited and even wildcats are happening. Whether these actions or prolonged work to rule etc will have any effect is questionable. However, despite the rise in militancy our “leaders” seem to think that they are following the right path in their present ostrich in the sand mentality.
Even the Director of the LSE on Womens hour – Minouche Shafik ( ex BoE, IMF, World Bank etc), doesnt seem to quite get the scale of whats happening ( up to 50% of households may unable to pay bills.?.) ……… – ‘just target those on Universal Credit’.
The mindset seems to be a kind of economics that can only think about marginal adjustments, not system-threatening phenomena.
Correct
We are facing systems failure and most don’t seem to get it
Heating or eating? The choice for many this winter. Could be neither for some I’m afraid.
Just announced – Inflation pushes annual grocery shop up by more than £500.
https://www.talkingretail.com/news/industry-news/inflation-pushes-annual-grocery-shop-up-by-more-than-500-16-08-2022/
Truss would probably say, let them eat cake.
She wouldn’t care enough to comment
I remember a discussion I had once with an accountant who said if people did not save enough to pay for care in old age they should be left to die
When I asked where – and was the street OK? – he said yes, if necessary
Truss is in that mould
Exactly. They’re all so inured in the norm now. The idea that the prevailing economic system is fine and can just be tinkered with – presumably why Starmer is just going for not particularly earth shattering ideas.
What is relevant to me is that the destruction of public sector pay and conditions over the last 12 years has contributed to this phenomenon.
David Cameron said in 2011 that Britain needed to become a low wage economy in order to compete internationally.
So – just like the Tories still want to reduce social security by 12% in 2010 – the low wage economy is coming to pass.
Let know one doubt that this has been deliberate Government policy.
May they all rot in hell.
Meanwhile in the City land of bankers, accountants, lawyers, property salaries continue to rocket.
https://www.fnlondon.com/articles/london-finance-workers-score-record-salary-surge-in-talent-war-jobs-hiring-20220718
Don’t hear much from the government or media about ‘greedy City barons’. Where they have real barons and not just make believe union ‘barons’.
There is a podcast called Pitchfork Economics which would probably appeal here. US focussed but covering topics of interest. Stephanie Kelton has featured.
https://pitchforkeconomics.com/
A recent episode looked at the massive transfer of wealth upwards in the US as low and middle incomes have flatlined whilst the very top incomes have rocketed. Rand Corporation have put the staggering figure of $47 trillion on just how much is involved.
I suspect much the same has happened in the U.K.
Time to sharpen those pitchforks.
I sharpened my pitchfork ages ago. It’s now in my garage rusting.
I got ready one morning to go and use it, but found that instead of getting their pitch forks, most people went out and got a car mortgage and cheered themselves up by buying a brand new SUV instead.
That’s what capitalism is really – a mass distraction device for the masses.
Those car leases will be amongst the many thing going unpaid when the children can’t be fed
I’d assumed you have a fine collection of well used pitchforks PSR!
I’m seeing even my more moderate friends get angry and frustrated at their sense of powerlessness. There are plenty of comfortably off people who still care about those who are being shafted by the current regime. Some of them even have SUVs! Not me I hasten to add. Those who are still Tory party members are a lost cause and beyond the pale.
We have to get more people active – does not matter where or how, as long as it is on the progressive side of politics and gets the current lot out for a long time.
Agreed
We must never lose sight of the fact that the majority of the electorate do not vote Tory. It is incumbent on us all to demand a representative voting system, we can then vote for the manifesto that we support in the knowledge that our vote won’t be wasted.