Sean Brogan, of South View, Teignmouth, writes:
In the ‘View from Westminster ‘ column, (Mid Devon Advertiser 13/7/23), Anne Marie Morris MP for Teignbridge, ‘wondered’, ‘Could the government have done or not done things which would have prevented what has become a wage/inflation spiral?’ I take issue with this idea that wage increases cause inflation.
According to Which? food inflation over the past was 20% – which group of workers have had this increase? Pensioners had 10% – were they a contributor?
Who then? She should be pointing the finger that the near monopoly supermarkets. They played a big part in inflation despite their ‘not me’ claim – dubious crocodile tears.
It is in MPs’ interest to maintain the economic orthodoxy that increases in wages cause inflation. Firms have been increasing profit levels which is now known as ‘greedflation’ this is what drives up inflation. Wealth is created by labour – profits are merely accumulated wages taken from labour. Workers take action to maintain their part of the wealth created.
Nobody would notice if the rich went on strike but they certainly do when the workers do.
Why do lawyers, solicitors etc and MPs (£85,500 + expenses) get paid so much and then blame workers for inflation? What do they do?
The obscene incomes of FTSE CEOs need to be examined.
How can £10 million be justified by anyone.
Classical economic theory serves the rich – there is an alternative which if believed, is frowned upon because it does not serve the interest of those who ‘control’ the distribution of labours’ wealth.