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this post was submitted on 02 Jul 2023
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The economy is there to serve the people, not the other way around. If the economy requires people to suffer, maybe we need to rethink how parts of the economy work.
It is there to serve us. The economist point is that everyone —in particular low income workers—will suffer as they everyone is effectively getting a 7% pay cut this year. That serves no one.
Ideally there would be a few stay at home parents (families who can afford it), lawyers and doctors partners, and retirees out to the work force. These are the people that have spare money to spend on things and are driving up prices. Not low income workers. Unfortunately the employment rate is the only proxy measurement we have for this though.
But it's also the low wage earners that is most likely to lose their job because of supply and demand.