Wage led inflation, eh?

There was already a degree of stress because of the pandemic and Brexit, they lost a lot of store pickers and drivers, but they’ve been coping. A strike is the last thing Tesco needs in the run-up to Christmas.”

Workers at 13 of its 22 depots have voted in favour of a revolt. They have rejected a 4pc pay rise offer and pointed to the retail price inflation figure of 6pc.

Think it’s all about to happen again? The 70s?

9 thoughts on “Wage led inflation, eh?”

  1. The 1970s… the good old days. Average wage settlements 14%, variable mortgage rate 16%, inflation 22%, tax-the-rich 83% higher rate plus 15% super-tax on unearned income. Power cuts, 3 day week, everyone on strike for more money, better quality bog-roll in the factory lavs, longer tea-breaks…

    “Think it’s all about to happen again? The 70s?”

    I certainly hope so, it’s the only thing that just might wake up a population that’s become as dumb as a bag of spanners, with no idea of where their freedom & prosperity came from. I’ll doubtless suffer to some degree – being retired I don’t have a job to lose – but it will be worth it to watch the fear-ridden, spineless, gutless, infantile, mask-wearing, socially distanced, jibby-jabbed, poor wee lambs having to go without their plastic-free, low carbon, environmentally friendly, sustainable, responsibly sourced, organically, locally, seasonally grown, digital, responsibility-free fantasy life.

    (Latest nonsense is, if you don’t have a smart phone your are ‘living in digital poverty’.)

  2. You cannot have a re-run of the 70’s without Abba.

    Oh, they’ve reformed. Time for an Arab-Israeli war then.

  3. But we climbed out of the ’70s by kicking out the Socialists. What do we do now? The only option to kick out the government is to vote *for* the Socialists.

  4. We have a Conservative in name only government appeasing the left and imposing high taxes to fund wasteful public spending. So Boris is the new Heath, shortly to be followed by 5 years of dreadful Labour government. But where is the new Mrs.Thatcher?

  5. Thanks JohnB. I didn’t know I was living in digital poverty. However since my cheapie can’t copy those damned QR codes, I don’t think I’ll bother to get a smartie.

  6. Yes, I remember the 70s. Union Reps went to management demanding a 20% rise. Bit of huffing and puffing, ok say management you can have it.Much cheering and celebration until the following month when 20% of the staff were made redundant including yours truly.

  7. I doubt it – sfaik, wage-push inflation has been deprecated anyway. There’s the mechanism of Henry Ford’s five dollar wage. But you need a growing firm to support it. We’re having a lot more zombie firms. So to what extent were there zombie firms in the ’70s?

    Permanent cost disease due to supply chain restriction? Maybe. We’ve always been dependent on Perfessor Harold Hill ( of the musical “The Music Man” ) types for growth. I’ll never know how seriously to take Hayek on this account.

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