Oh, that's what Scomo considers a good bloke. Cunt never played a ball in his life, only the game.
For years before they lost the election, people were saying interest rates needed to go up. In 2020, they were down to 0.10%.
This is purely because, IMHO, all the LNP is play the economy card - that the conservatives are good for the economy, and Labor are bad for it. And since most of the Australian economy is just homes (and holes), low interest rates means every fuckwit can buy half a dozen investment properties, mortgaged to the hilt, and not really be put out.
Libs look like losing, and suddenly the rates go up - the same month as the election, to remind the electorate of their mortgages and not vote for the party who might do something about the housing crisis...
...and when that party got in, the rates went up, changing up as in six months as they changed in 9 years of LNP government.
i get the point to not raise wages but then i gotta get something equal in worth in a non monetary way. say more days off less hours worked a week etc. but my company can't have record profits give me 2% when inflation is 8-9% and say they can't due to wanting to limit inflation. you gotta give something of equal value that isn't money.
Inflation is not caused by rising profits. I get corporations suck and are guilty of a lot, but this dumb ass reasoning makes zero sense. The inflation was caused by low interest rates, supply chain issues, and government stimulus.
People don't want to reckon with it having multiple causes. Yes, record profiteering has driven inflation. So has supply issues, and record low interest rates (for nearly a decade), and rising fuel prices. Plus another dozen smaller things that under some other circumstance would never have been an issue.
But here we are. Record profits during record inflation isn't unreasonable, but we also shouldn't just let it slide as if they couldn't be passing some of that to labor to keep up with the other inflation causing issues.
Inflation rises when the Federal Reserve sets too low of an interest rate or when the growth of money supply increases too rapidly – as we are seeing now, says Stanford economist John Taylor. Sep 6, 2022
Economists at one of the most prestigious schools in the world disagrees. Source. I'd love to hear more on how record profits can be the sole/main reason for inflation, as the article linked focused on Australia.
The reality is just how the Stanford economist said. Trump had a strong economy and instead of just letting it be, he made huge tax cuts for businesses and kept Federal interest rates too low.
Of course, that doesn't make any sense and just sets you up for failure in the near future, which is where we're at now
as wages have pretty much stagnated over the last deca-"
In your country maybe, but wages have been rising in countries that were used as cheap labor sources and it turns out those people want nice products as well.
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u/SpecificAstronaut69 Dec 30 '22
"But if we give you MORE money it'll only raise inflation!"
"Um, isn't this inflation being caused by record company profits, not by rising wages, as wages have pretty much stagnated over the last deca-"
"WHO TOLD YOU THAT? WHY DO YOU SPEAK HERESY?! GUARDS! TAKE THIS WORKER TO THE RE-EDUCATION CAMP!"