So what don't I understand about economics and inflation?
What was the cause of hyper inflation in the seventies?
So McDonnell is calling for huge % pay rises for millions. Yet some of you would prefer to risk these people losing their jobs even though the minimum wage in the UK is much better than the vast majority of the countries in the EU.
You just want to knock the UK constantly. Fair play to you. But when you have an understanding of inflationary causes and are willing to be honest we can have a debate on the matter.
What you clearly don’t understand firstly is the difference between neoliberal economics and Keynesian economics because you think Blair was a Tory.
Secondly you drop in shit like “you just want to knock the UK”, which marks you out as someone not mature enough to have a sensible economic discussion.
Thirdly, you think it was wages that caused inflation in the 70s and not oil prices. Wages aren’t a huge part of product cost in most industries. In fast food for example a study was done and a pay rise of $5/her resulted in a price rise of about $0.06 on a Big Mac. You also think the industrial relations of the 70s are at all applicable to the modern atomised economy, which is frankly hilarious. The requests being made by unions in the 70s are nothing like a NMW raise.
Finally, you don’t seem to be able to understand that the people in the Labour Party and the state of left wing economic thinking in the 70s is not the same as it is today, and that most economists would back the sort of social democratic policies Labour are currently proposing that look nothing like that was proposed in the 70s.
Seriously mate. I like you, but you come across as a standard low information Mail reader who isn’t up to sensible discussion because you’re fixated on the 70s and the stories you’ve told yourself about why they happened. Lift your head up and look around the world a little, it’s changed.
