Tag: Inflation

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