File this under “I’m got mine, the rest of you can sod off”!

  • a1studmuffin 🇦🇺
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    1 year ago

    The economy is there to serve the people, not the other way around. If the economy requires people to suffer, maybe we need to rethink how parts of the economy work.

    • Bill Stickers
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      1 year ago

      It is there to serve us. The economist point is that everyone —in particular low income workers—will suffer as they everyone is effectively getting a 7% pay cut this year. That serves no one.

      Ideally there would be a few stay at home parents (families who can afford it), lawyers and doctors partners, and retirees out to the work force. These are the people that have spare money to spend on things and are driving up prices. Not low income workers. Unfortunately the employment rate is the only proxy measurement we have for this though.

      • hgwrgjo@lemm.ee
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        1 year ago

        But it’s also the low wage earners that is most likely to lose their job because of supply and demand.

        • Bill Stickers
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          1 year ago

          No idea what would happen and reality is messy.

          But hypothetically these people who can afford to give up their jobs (aforementioned list) are hogging up low and middle income jobs (admin at the GP clinic / law firm) for ”fun” money, so there would be more easy/entry level jobs available for low skilled workers.

          On the upper end, soon-to-be-retirees who are currently managers could make the jump so everyone below them gets to move up the ladder making entry level positions available.

          I’m not sure how you could incentivise this though.

        • w2qw
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          1 year ago

          Depends more on the industry. Higher income is usually more affected by recessions.