Friday, September 23, 2022

Fuck the economy

Stuff reports that bank economists are saying that 50,000 people need to be thrown out of work to control inflation:

The current labour market was “very, very tight”, [ANZ chief economist Sharon Zollner] said, and bringing down inflation required “some spare capacity” in the labour market.

It was a hard thing for the Reserve Bank to talk about, she said.

“It’s a difficult thing for them to talk about. To beat inflation, they require some people to lose their jobs. That’s a comms challenge right there,” she said.

Unemployment had not been this low since the 1980s, [head of private wealth at Craigs Investment Partners Mark] Lister said.

“You’ve got to cause some pain. You’ve got to create some unemployment,” he said.

The right's Big Lie has always been that what is good for the economy is good for everyone, and what is bad for it is bad for everyone. But if you've lived through the 80's, or the 90's, or the GFC, or Covid, you know that that simply isn't true. What's "good for the economy" only ever means what is good for the rich. Meanwhile, it tends to be very, very bad for everyone else. But if the price of protecting the value of the rich's hoarded wealth and stopping it from evaporating is to throw 50,000 people out of work and 50,000 families on the breadline, then I say "fuck the economy". Let it burn. We shouldn't pay to protect their privilege. And the politicians elected by our votes shouldn't try and make us (not if they want to keep their jobs).

And while we're at it, do you know what's deflationary, but doesn't throw 50,000 people out of work or cause a recession? Taxing rich people. Wealth taxes. Highly progressive income taxes. A windfall tax on excessive bank profits. But for some reason, we won't see economists pushing for those solutions. Which simply underlines how much of the profession are simply ideological mercenaries for the rich, who exist solely to wage class warfare against everyone else.