this post was submitted on 12 Jul 2023
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High inflation is worse for workers than high interest rates since wage hikes always lag price rises. This round of inflation was brought to us by poor economic decisions .. pumping billions of dollars into the economy without raising taxes, as well as the Ukraine war. It wasn't caused by corporate greed, as some claim. The BoC is doing absolutely the right thing. If they don't raise rates now they only kick the can down the road when the pain would be far worse.
From the votes we can see your comment is controversial.
Maybe historically your statement would be true. But, I strongly feel that what we're going through right now is completely different.
You can't say that inflation isn't caused by corporate greed when companies are making huge windfall profits after the pandemic on basic necessities like food and medication. This is 100% greed. In some other markets, prices became high because of high demand and low output due to supply chain issues during the pandemic, like for construction materials or computer chips, but these problems have been resolved since then and yet, companies still charge the same high price.
Yes, pumping money into the economy has had some effect, and I believe they are planning on raising taxes to correct this, but they're going to tax the workers instead of taxing companies who benefited from this relief in the end. Without that money being injected, people wouldn't have spent anything. And it's not like people could save this money. They had to spend it to survive.
@cyborganism @maporita The money that they pumped into the economy is going into the pockets of the corporations (and their shareholders) because the recipients had to use it to pay for essentials like food, and yet it will not be the corporations that are taxed to recover it. Why is the government essentially paying for the profits of corporations and their shareholders??? This only serves to exacerbate the gap between the wealthy and the vast number of poorer people.
Yes. Exactly.
They know that people's spending for basic needs was basically "subsidized", so they thought "hey! free money!" and jacked up the prices because they knew they could.