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iwarburton
Joined: 08 Dec 2006
Posts: 2133
Location: Northumberland
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 Posted: Tue Sep 09, 2008 4:00 pm Post subject: Inflationary Wage Rises? |
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The unions are being criticised for demanding what are being described as inflationary wage rises and backing this up with threats of strike action.
But the official rates of inflation being bandied about--about 3.3%?--are garbage. How can wage settlements of over this figure automatically be described as inflationary?
That said, maybe the unions would do well to remember that the Winter of Discontent in 78/9 brought them bad publicity of an horrendous nature and probably led to Labour being put out of office for a generation. It's hard to imagine that the unions of today want an outcome like this.
Ian. |
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gfloyd
Joined: 07 Dec 2006
Posts: 4861
Location: Here, There, Everywhere.
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| Posted: Tue Sep 09, 2008 5:29 pm Post subject: Re: Inflationary Wage Rises? |
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| iwarburton wrote: | How can wage settlements of over this figure automatically be described as inflationary?
Ian. |
The literal answer is because it inflates the amount of money in the economy, since the government has to borrow from abroad/ the future to finance the settlements.
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His name was ernie ........ and he drove the fastest milk cart in the west..... |
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