What really caused the inflation crisis? Here’s Gary to explain why rich people have your money
The real cause of inflation: the super-rich sucked up government cash that was given out to keep working- and middle-class people alive during the Covid crisis – by being the providers of the services and supplies everybody else needed. But that was a crisis and it should be time to normalise the situation. Why won’t politicians do it?
According to Gary Stevenson, governments like those in the UK and US caused the post-Covid inflation crisis by giving away thousands of pounds to keep us all going when the economy was locked down.
The problem was that those of us who normally work for a living had to then use that money to pay our bills (that’s not including This Writer; I just carried on writing Vox Political all the way through and lived on the money I earned from it, plus savings – those were happier days) while the rich, who issue the bills that we have to pay, just sucked up all the cash.
They then started using that cash to buy what they could – not luxury items, because they were forbidden from doing it due to the shutdown of the economy, but so-called economic assets like houses. This stopped the rest of us from being able to buy them by keeping prices high – as Gary has discussed in previous clips.
Notice: he doesn’t say there was anything wrong with governments spending the money in the way they did; people needed cash to survive and it was inevitable that providing it to them from the Treasury, rather than the economy, would increase the national debt and massively increase wealth inequality between the poor who spent the cash and the rich who received it.
But because the circumstances were extraordinary, and the result was an unbalanced economy (increased inequality), the government should then have taken action to re-balance the economy by using the levers available to it to re-distribute the wealth.
It should have taxed the money back off the rich. Logically, the government could have got away with calling it a windfall tax because that’s what it would have been.
That hasn’t happened.
And neither of the ‘Big Two’ political parties – Labour and the Conservatives – are even considering such a rebalancing of the economy. Instead, they are both planning to bake it into our lives for a long time to come.
So we can say that Labour and the Tories both intend to increase wealth for the richest and poverty and debt for everybody else – and that includes those of you who are middle-class, sitting there smugly thinking you’ll be all right (you won’t).
There’s only one answer, but This Writer doubts many people will take it up.
You have to think for yourself.
That’s right; you have to get details of the political plans of every candidate standing in your constituency in the general election and you have to work out which of them – if any – intend to re-balance the economy to prevent us all falling into this debt trap.
How do you fancy that?
And politicians? Here’s a challenge for you:
Are you going to produce manifesto commitments to tax the money back off the super-rich – who don’t need it, remember – and re-balance the economy or are you too scared of them to dare upsetting them?
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