This would be true if you had stagflation/workers pay driven inflation like in the 80s. But you don't.
Inflation is not driven by ever increasing salaries and thus too much money (like an inflated balloon). Current real salary levels are stagnant since decades and thus, making those or anything else worker side responsible shows that these people blindly trust a theory they half understood in college 15 years ago
They’re stating the obvious. To curb inflation, we need to reduce the supply of money in the economy. We can also active this by taxing the shit out of the top end of town and corps.
We can also stop the destruction of the environment nearly completely by mass suicide. That does not mean that this is good idea.
You do not need to "decrease the money" supply to fight inflation. What do you think the relation between these two is? Because, fun fact, the money supply is already decreasing in Australia, however prices are still going up.
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 just keeps feeling relevant. The most relevant part to this comment chain:
What is the value of a human life in the theology of The Market? Here the new deity pauses, but not for long. The computation may be complex, but it is not impossible. We should not believe, for example, that if a child is born severely handicapped, unable to be "productive," The Market will decree its death. One must remember that the profits derived from medications, leg braces, and CAT-scan equipment should also be figured into the equation. Such a cost analysis might result in a close call—but the inherent worth of the child's life, since it cannot be quantified, would be hard to include in the calculation.
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.
The privatisation of CES has been a failure. People who will find work will do it on their own. I never been on centrelink, but some “job trainer” how to do my job.
The solution is obvious. Cut the mess of bureaucracy, and allow people to work while on centrelink. Companies put in offers in the casual jobs pool like a website/app and the people on centrelink, can accept those jobs or be on call to work. The company pays the wages to centrelink for doing the job, the person on centrelink log the hours and then centrelink sorts out the mess like taxes, insurances, sick leave, holidays, etc. while getting their base pay from centrelink. All this can be automated.
Then have people who never work are now working.You have people on centrelink now paying taxes, those people now earning more money is going to spend it, generating more economic activity and more taxes.
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