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by pjc50
1491 days ago
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> Inflation isn't a fair metric for referencing if wage raises Arguably this is the only one that the voting public really do care about - the relation between wages and the cost of living is one that historically produces unrest, and that's because it's not related to abstract figures but to each individual's cash flow which they experience directly. It's also one where decades of political effort have gone into making sure there's no mechanism for people to demand higher wages. The alternative to printing money would be to raise money through taxation, which is also politically infeasible. |
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The scary thing, looking back on the 20th century, is that is probably what was said in a lot of places that then went through extreme political turmoil.
There have been a lot of instances where the only politically feasible road was printing money. That is typically the introduction in stories that end in poverty and/or war. No examples are leaping to mind of case studies where extreme money creation led to happiness and tranquillity. Possibly someone should try one of these infeasible options.
Someone has to do without when the government goes spending. We can pretend that nobody is paying, but if that becomes policy option #1 - as seems to be happening - then that sort of wilful ignorance on the part of the elites leads to real anger.