I'mma stop you there: there isn't. In fact, some economists say exactly the opposite: that not raising pay will actually increase the likelihood of recession. See here, with New Economics Foundation's Sam Tims and Miatta Fahnbulleh on the "we need to pay more" side and IFS' Paul Johnson on the "there's arguments for and against" side. Then there's Minford, who is probably saying everyone needs to take a pay cut. Except him, of course.
@Gareth Halfacree Interesting article. This is why I'm not an economist . Basically seems like we're damned either way tbh. As for minford, if we could offer him a new job with increased pay i'd be up for it. He'd have to relocate to mars though.
At least Minford, the Brexiter's favourite economist is consistent... everything he says is wrong. If you ever find yourself agreeing with him, it's not because he's right, you're just as wrong as he is.
Obviously something has to cover the rising salaries, which would typically be rising prices, which would lead to the struggling crowd to ask for greater remuneration so you can see where the spiral would come from. But feck me inflationary based pay rises, LOL, lucky to even get a pay rise, loads of whiney arse people complaining about only getting 7.5%.
Or, y'know, out of the record profits some of these companies are generating, maybe. I know, I know, too much to hope for. But while it could well be that price rises follow wage increases, it's not a 1:1 thing. This article covers the topic, citing a report from The Australia Institute which found that a five per cent boost to wages across the board would lead to a two per cent increase in the cost of goods and services. Meaning a net gain for workers. If your raise is below inflation, then it's a real-terms cut - whether you got a raise or not. It's just a question of how much the cut is. Which reminds me, I really need to revisit my rates with some of my clients - been a few years since any increases...
I know, it's real terms pay cut most years for me without the tiresome pimping of my skills about chasing the coin Yes there are companies making bank all over the world, its what they exist to do. These guys look like paupers compared to some.
Tweet— Twitter API (@user) date Remember: if you're not in the top few percentile of earners in the country and you vote Tory, you're actively voting to make your life worse. If you are in the top few percentile of earners in the country... gizza tenner?
And even then, bc of how skewed the results are, you could be comfortably in the top 5% of earners and still actively be making your life worse voting tory. iirc it takes £160k/yr to put you in the top 1% of earners.
Oof... I'd have a tendency to expect any video snippet of any politician saying something stupid has been clipped very carefully for "outrage" news clicks, but... I feel like Sunak's team are going to have a rough time trying to spin that.
Yeah, he really doesn't want to be PM, does he? To me, at least, it seems he wants the blonde flip-flop to get the job and then play the "ah, see what happens you when pick the wrong horse" card, after she finishes burning down the house.
Wouldn't be surprised if de Pfeffel does the same, 'see how wrong you were to get rid of me, your one true saviour'.
Tweet— Twitter API (@user) date Dorries trawls old Trump posts for buzzwords again. Definitely worried about the stuff being dug up on her Messiah.
