Rising wages are causing price hikes
Despite living costs going up by 10 per cent or more in many parts of the world, rightwingers keep arguing against workers receiving pay rises, conjuring the old bogey of the ‘wage-price spiral’. Among those seeking to pin the responsibility for inflation on ordinary workers are UK Prime Minister Rishi Sunak (estimated wealth $810 million) and Bank of England governor Andrew Bailey (annual remuneration: $685,000).1
There are a few things wrong with this.
Firstly, most observers agree the bulk of current inflation is being driven by international factors: shocks in supply chains and their accompanying price rises. The sectors most affected bear this out: food and energy costs have soared. Meanwhile Big Oil, petro-states, and a handful of mega food and fertilizer
