Days after the new British government announced plans to cut taxes on the wealthy and let the free market take control, the British pound is at an all time low and a global recession may be looming. If only the queen was here to see it (reminder, she died). This fear of recession is only heightened by growing interest rates, global energy shortages, and ‘inflation’.
“The global economy has lost momentum in the wake of Russia’s war of aggression in Ukraine, which is dragging down growth and putting additional upward pressure on inflation worldwide.”
But what’s the cause behind this inflation? Why is the cost of surviving going up across this country and around the world? Plenty of American media would have you believe it’s a lack of willing workers, lazy Americans who just want to be coddled and taken care of. The reality is that corporate greed is to blame for inflation, as corporations are using increasing costs – of materials, components and labor – as excuses to increase their prices, resulting in bigger profits.
Meanwhile, wage increases for employees haven’t even kept up with the inflation rate. Most workers’ paychecks are actually shrinking in terms of real purchasing power. I don’t pretend to be an economic expert, but the reality is clear from talking to people. These may be basic concepts I learned in Econ 101 ten years ago, but that doesn’t mean they’re wrong.
Side Items
Rihanna sold out: After almost four years without a public performance, Rihanna has agreed to headline the Super Bowl halftime show next year, proving that even billionaires can sell out if the price is right
Italy, the birthplace of fascism: In a major victory for the hard right and a moral victory for women everywhere, Giorgia Meloni is projected to be the next prime minister of Italy. No word yet on if she’ll see the same ending as Italy’s last fascist leader…
Russian scapegoats: School shootings are no longer just an American phenomenon, as at least seven children were among those killed in a mass shooting in Siberia. The attacker allegedly wore Nazi symbols, an unfortunate reality check for Czar Putin who based his whole ‘military operation’ on the idea that it was Ukraine that needs “de-Nazifying”