The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on April 27, 2023, 03:33:06 pm
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People Need to ‘Accept’ Being Poorer Amid Inflation, Says Central Banker
Kurt Zindulka 27 Apr 2023
The public should just “accept that they’re worse off” than they were a year ago amid rampant inflation, an ivory tower Bank of England boss said this week.
Huw Pill, the chief economist for the UK’s central bank, said that people should not seek salary increases to cope with the soaring inflation, which the Bank of England predicted would be a “temporary” phenomenon in August of 2021, yet, inflation remains in double digits in Britain nearly two years later.
In a ‘let them eat cake’ moment, Pill, who reportedly earns a salary of £190,000 per year, said that rather than demanding pay increases commeserate with the rise in cost of living, the central banker said that people should just “accept that they’re worse off” condeming the “reluctance” of families to come to grips with the impacts of inflation on their way of life.
The central banker argued that if people continue to ask for pay hikes, it will have a ripple impact of increasing prices across the board.
“If the cost of what you’re buying has gone up compared to what you’re selling, you’re going to be worse off,” Pill said in comments reported by The Times.
“So, somehow in the UK, someone needs to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices whether through higher wages or passing energy costs on to customers.
more
https://www.breitbart.com/europe/2023/04/27/people-need-to-accept-being-poorer-amid-inflation-says-central-banker/
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Why should we accept it? It was the fault of the various governments in power, and correcting it so things don't get worse, and the economy can begin to recover, will require political means to force the various governments to change their inflationary policies.
That's like telling a mugging victim they should just accept that they were mugged and accept that muggings are "normal" and will continue to make all of us poorer.
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(https://em-content.zobj.net/thumbs/240/google/350/middle-finger_1f595.png)
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(https://em-content.zobj.net/thumbs/240/google/350/middle-finger_1f595.png)
Sometimes short and to the point sends the best message @Bigun . And I totally agree.
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No, I won't accept having my financial resources stolen from me, nitwit.
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(https://em-content.zobj.net/thumbs/240/google/350/middle-finger_1f595.png)
DITTO!!!!
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(https://graffiticanvasart.com/ghetto/uploads/2020/07/il_1140xN.2324238208_6jdr.jpg)
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(https://graffiticanvasart.com/ghetto/uploads/2020/07/il_1140xN.2324238208_6jdr.jpg)
Brilliant!
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(https://em-content.zobj.net/thumbs/240/google/350/middle-finger_1f595.png)
@Bigun In keeping with the premise of the article I believe a more fitting response is (https://i.imgur.com/5C7IkRn.gif)
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I'm gonna go out on a limb here and assume that Huw Pill is not one of those who is worse off.
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From the article….
The central banker argued that if people continue to ask for pay hikes, it will have a ripple impact of increasing prices across the board.
He is right. But it’s very arrogant for him to lecture people, and demand that they should accept a lower standard of living while he does very well himself financially.