Tag: Inflation

It’s pay time for small business workers – Michael West

Matthew Guy claims he’s going to save them when they don’t need saving it would seem.Is he about to take the credit for something he hasn’t done?

The pay packets of employees at small and medium-sized businesses are growing faster than inflation, new data shows.

Source: It’s pay time for small business workers – Michael West

The profit crisis is the inflation-driving pressure we don’t talk about – ABC News

Soaring corporate profits are being blamed for fuelling inflation, as figures show companies in Australia are enjoying sky-rocketing profits despite the pandemic.

Source: The profit crisis is the inflation-driving pressure we don’t talk about – ABC News

Whose Pay Keeps Up With Inflation? | The Smirking Chimp

Most of us don’t have paychecks that automatically increase to cover the rapidly-increasing costs of just about everything. As a result, inflation is making most of us poorer.

Source: Whose Pay Keeps Up With Inflation? | The Smirking Chimp

Iron Mountain CEO Says He’s Been “Praying for Inflation”

The CEO of Iron Mountain Inc. told Wall Street analysts at a September 20 investor event that the high levels of inflation of the past several years had helped the company increase its margins — and that for that reason he had long been “doing my inflation dance praying for inflation.”

Source: Iron Mountain CEO Says He’s Been “Praying for Inflation”

Ross Gittins: Australia’s hidden inflation problem

Because what he can’t admit is that inflation won’t fall back to the target range of 2 to 3 per cent until the nation’s businesses decide to moderate their price rises. And they’re not likely to do that until those rises reach the point where they’re driving away customers.

Ross Gittins: Australia’s hidden inflation problem

Average income in Australia’s highest-earning postcode cracks $300,000

Inflation isn’t problem for all Australians the widening wealth and income gap is

The average income across the nation’s richest postcode soared beyond $300,000 for the first time as residents of Cottesloe and Peppermint Grove in Perth’s western suburbs enjoyed an 81 per cent increase in earnings – and during a recession.

Average income in Australia’s highest-earning postcode cracks $300,000

The Fed Should Not Punish Working People for Inflation Driven by Big Oil’s Greed | The Smirking Chimp

The current state of inflation is not domestic. It’s not wages, It’s global and driven by energy pricing greed. It’s Capitalist profit taking advantage and it needs to be stopped in it’s tracks. If the fossil fuel companies had been taxed and profits shared via royalties and higher wages inflation wouldn’t seem such a problem. The Reserve Bank raising interest rates won’t stop it. It’s global and Multinational Global Corporations are causing the price tsunami for their benefit alone.

If you own a car, pay energy bills, or buy groceries, then you have probably noticed that prices are soaring. The cost of food is up 10% and the cost of a gallon of gas is up 50% from a year ago. And in May this year, median monthly rent hit a record high at $2,002. We’re experiencing the highest levels of inflation in 40 years, which is taking a particularly harsh toll on low-income households.

The Fed Should Not Punish Working People for Inflation Driven by Big Oil’s Greed | The Smirking Chimp

Inflation! Or is somebody having a lend of us? – » The Australian Independent Media Network

I’m no economist but neither am I a fool. When somebody tells me that inflation has taken off in Australia and that the cause is largely due to an escalation in the prices of goods and services driven by wage and salary increases and the costs of production I start to take interest.

For a start it can’t be spiralling wages as they have been stuck in the doldrums for years while corporate profits have surged and executive bonuses have ballooned. So we need to look elsewhere.

Inflation! Or is somebody having a lend of us? – » The Australian Independent Media Network

What is inflation? Why is the CPI so high? And how is the RBA planning to bring it back down? – ABC News

Gough Whitlam inflation wave cartoon

How high is inflation at the moment? The last inflation figure, calculated during the first three months of the year, was 2.1 per cent.

Source: What is inflation? Why is the CPI so high? And how is the RBA planning to bring it back down? – ABC News

Companies not workers to blame for rising prices – Michael West

The Australia Institute

Rising profits levels among the Australian corporate sector have been identified as one of the key causes for increasing inflation levels across the country, a new report has shown.

Source: Companies not workers to blame for rising prices – Michael West

Old Dog Thought- Amazing how much has been saved on advertising alone by Albanese working and not simply promoting himself.

Fighting Fake News with REAL 20/6/22; Julian Assange Australia’s Gift to America; Economic Reality was never Morrison’s; Wage Stagnation; Inflation; World Comparison and Morrison/Frydenberg; Blackmail and Ransom;

Old Dog Thought- 4 weeks ago Morrison and Frydenberg were telling us ” Our economic fundamentals were great the best in the world” Now we hear crisis has “developed” not “inherited” Watch our MSM attack the ALP and worker’s wages

Fighting Fake News with REAL 15/6/22; Dutton, Gas; Inflation;

History Says Democracy Will Die if Democrats Don’t Try “Going Big”

Franklin D. Roosevelt at desk working ca. 1932 or 1933. (Photo by: Hum Images/Universal Images Group via Getty Images)

Roosevelt would have relished the fight and going big. But Biden and the Democrats now seem intent on going small — so “smol” and petite and inoffensive that no one notices or gets mad at them. One especially dispiriting example of this that Kuttner does not address in the book, but has elsewhere, is inflation. The Biden administration could have gone on the offensive and made the case that inflation is being driven by supply chain issues, corporate price-gouging, and Saudi Arabia’s crown prince — as opposed to rising wages and government spending — but instead has largely settled into a silent defensive crouch. Now Jerome Powell, the chair of the Federal Reserve reappointed by Biden, is saying that the Fed’s policy is to “get wages down,” something Americans will enjoy even less than inflation.

Source: History Says Democracy Will Die if Democrats Don’t Try “Going Big”

To Fight Inflation, the Fed Is Declaring a War on Workers

Federal Reserve chairman Jerome Powell plans to address sky-high inflation by hiking interest rates — acknowledging that doing so will suppress wages and worker power. It’s a response that will force workers to bear the brunt of the inflation crisis.

Source: To Fight Inflation, the Fed Is Declaring a War on Workers

British inflation puts economy on road to oblivion

The UK is grappling with soaring inflation.

Inflation is now at a 40-year high after the consumer prices index rose to 9 per cent in April, according to the latest ONS figures. That’s the sharpest jump since 1982, which, as Torsten Bell of the Resolution Foundation pointed out, means much of the country has never experienced an inflationary shock of this ferocity “in their working lives”.

Source: British inflation puts economy on road to oblivion

No, Raising the Minimum Wage Won’t Spur Inflation

With inflation on the rise, Australian unions are calling for a modest pay increase for minimum-wage workers. The government, backed by bosses and bankers, says such a move will increase inflation, but the truth is they just don’t want to pay.

Source: No, Raising the Minimum Wage Won’t Spur Inflation

Wage Justice can be delivered while also containing inflation – » The Australian Independent Media Network

In the final analysis the economy makes so much wealth; and the question is one of distribution, as well as higher productivity; and industry policy encouraging high wage industries. Increasing the size of the cake is good – but does not solve all problems. At some point we need to confront the question of who gets what share of the cake; and this will require redistribution. Sometimes it’s possible to have ‘win-win’ – but not always. We cannot become a US style economy where workers are disciplined by fear of destitution; and where the living standards of a so-called ‘middle-class’ depend on the exploitation of the working poor.

Source: Wage Justice can be delivered while also containing inflation – » The Australian Independent Media Network

Inflation rises at twice the rate of real wages – Michael West

Lobbyland

Inflation has risen to 5.1%, according to the latest figures from the ABS. The 5.1% annual consumer price index (CPI) figure for the last quarter was above market expectations of 4.6%. According to economist Richard Dennis, this is roughly twice the rate of real wage growth across the economy leading to the worst real pay cut for workers this century. According to Michele O’Neil the president of the ACTU this represents a pay cut of nearly $2000 in the first half of this year. Trimmed mean inflation used by the central bank to set rates, which ignores volatile changes, rose to 3.7% which is above the RBA’s target range.

Source: Inflation rises at twice the rate of real wages – Michael West

How to Put Guardrails on Twitter, How to Stop Inflation Without a Recession, and How to Win a War. | The Smirking Chimp

When the history of this horror is written, NATO and Joe Biden will get enormous credit as well. Their steady hands and steadfast strategy appear to be working. Patience, tenacity, and careful use of every tool available to them — short of putting NATO or American troops into Ukraine — is turning the tide. We have no way of knowing how this will turn out (and I continue to fear what a cornered Putin may resort to), but the courage and intelligence of Ukraine, NATO, and Biden deserve our commendation and thanks.

Source: How to Put Guardrails on Twitter, How to Stop Inflation Without a Recession, and How to Win a War. | The Smirking Chimp

Inflation Isn’t the Problem! The Real Problem Is Employers Are Shafting Workers | The Smirking Chimp

More inflation buzz today. The U.S. consumer price index for January is expected to have risen 0.5% — culminating in an annual rise of 7.3%, which would be the largest such increase since 1982. Yes, prices are increasing. But would you prefer a recession? As a practical matter, that’s the choice the Fed gives us. When the Fed puts on the brakes, it often pushes the economy into a ditch. A recession will cause far more hardship for many more Americans than inflation is now causing.

Source: Inflation Isn’t the Problem! The Real Problem Is Employers Are Shafting Workers | The Smirking Chimp

Oil Is Killing the Planet — And Driving Inflation

Today’s inflation isn’t just caused by a post-pandemic rebound in fuel prices, but a long-term exhaustion of oil production. We need to end our dependency on fossil fuels without it becoming the pretext for another wave of austerity.

Source: Oil Is Killing the Planet — And Driving Inflation

Inflation worse under Coalition than Labor, contrary to Morrison’s claims

Scott Morrison’s latest scare campaign claims interest rates and inflation will be worse under Labor than the Coalition, but the historical data refutes that, writes Alan Austin.

Source: Inflation worse under Coalition than Labor, contrary to Morrison’s claims