I was sent a press release from financiers JPMorgan in Australia. There’s a line in it that reveals much about how the capitalist class views the rest of us.
“labour shortages and wage pressures probably will rear their heads again. This will, of course, be a concern for the RBA [Reserve Bank of Australia]”
Let me translate: “labour shortages” = people have jobs, near full employment; “wage pressures” = pay rises, higher standards of living for working families. They don’t care about us, our well-being. We are just a cost to them. If too many of us have work, that’s a problem for them. If we start to get better pay for our work (a slight redressing of the fact that the capitalist class controls most of the wealth), that’s a problem too. Because it can lead to a slight increase in inflation, which lowers the value of their wealth.
So, “of course” they would rather have slower growth with more unemployment and lower wages than slightly higher inflation, which primarily affects those with lots of assets – the wealthy.
Grow the pie, take a wider slice – it doesn’t matter to them. All they are concerned about is getting more for themselves. If to get more they have to take it off you, they have absolutely no qualms about doing so.
As Warren Buffet says “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning”. The capitalists know that they are in competition with the rest of us over the wealth of this country. Why do so many working people try to fool themselves that it’s not the case?