People asked for more money to cope with inflation and this caused more inflation. So it’s the average working class person’s fault. Riiiiiiiiiight. š
“Central bank officials around the world have said taming inflation is their top priority, but rising prices have turned out to be stickier than originally expected.” -CNBC, Ibid.
Stickier than expected, LOL. No, I don’t think so. I’ve said many times that we need to quit assuming these politicians and central bankers are all stupid. Stop assuming they’re incompetent and this just happens by idiotic mishaps rather than by design. Recently, Jared A. Brock said the same:
It’s not like this “sticky inflation” is catching them off-guard. I promise you it’s not.
“A worker shortage contributed to pushing wages and prices higher. Some workers have seen big pay increases since the second half of 2020. This led to record job openings and high turnover as people job hopped for more money and the unemployment rate declined sharply.
‘Typically in inflationary periods, wages donāt keep up, and itās the price of goods that are going up more than the cost of labor,’ said Laura Veldkamp, Cooperman professor of finance and economics at Columbia Business School. ‘But this is an unusual episode where it seems like right now the main driver of inflation is actually labor costs, and what that means actually is that workers are gaining.’
But there are signs that wage growth is cooling, especially as layoffs have skyrocketed nearly fivefold in 2023 across some industries.” -CNBC, Ibid.
Wow. A lot going on there.
Are workers really gaining? I mean… the professor’s own comments are a contradiction.
“Typically in inflationary periods, wages donāt keep up, and itās the price of goods that are going up more than the cost of labor. But this is an unusual episode where it seems like right now the main driver of inflation is actually labor costs, and what that means actually is that workers are gaining.”
Wages are NOT keeping pace with inflation, which is one key reason why people looked for more pay. These types of articles make it sound like, “John & Jane Q. Public were greedy *ssholes and THAT’S what caused this sticky inflation!” Uh, no. I don’t f**king think so.
“‘[Employers] may increase their base salaries to say, please stay,’ Lori Wisper, managing director at Willis Towers Watson, told CNBC. ‘The only way to correct for overpaying on base salary is reductions in forceā¦ And part of that reduction is layoffs.'” -CNBC, Ibid.
And now we get another slap in the face: you greedy pigs wanted more money and THAT’S causing layoffs, too. You filthy peons have caused both sticky inflation and mass layoffs. Well I sure hope you’re all happy!
Regardless of the topic, when it comes to the job market, any and all problems will be blamed on working class folks. The power brokers will not blame themselves. They will twist themselves into pretzels trying to find absurd arguments about how average Americans caused this mess. It’s sickening.
āSince thereās not enough workers to go around businesses have to pay more to retain or attract workers. Wages are rising at the fastest pace since the early 1980s. So as inflation and adding to the Federal Reserveās worry about inflation. Weāre getting really nothing in labor supply now. Fed Chairman Jerome Powell said on Wednesday after the central bank raised the key interest rate again, the numbers tell the story. The so called labor force participation rate dipped to 62.2% in October, a few ticks below the pandemic high and itās still well below the pre crisis level of 63.4%. ā¦ āUntil [participation] fully recovers, shortages of qualified workers will remain a problem.ā said chief economist Joshua Shapiro of MFR Inc. Thatās not good news for the Fed ā or the broader economy. The bank wants hiring to slow and unemployment to rise to ease the upward pressure on wages. The main way the Fed does that is by jacking up interest rates. Higher rates prompt consumers to cut spending, depress demand for goods and services and spur businesses to lay off workers who are no longer needed. The shortage of labor, it could turn out, might be the spark that results in an eventual surplus of labor. Companies could end up laying off workers if the economy sinks into another recession.ā -fromĀ MarketWatch
Shame on you, job hoppers! This is all your fault. You jumped ship one too many times in pursuit of money and a workplace that doesnāt suck complete *ss and now look at the mess weāre in. Like Icarus, you flew too close to the sun and your wings melted. So now weāre gonna crash the whole damn thing so you can get back on that land and till it for your feudal lords. š
The same idiots who created this mess in actuality will now swoop in and offer to āfix itā for us. Gee whiz, arenāt we lucky?
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