Accept being poorer?

[tallcypowder]

news.sky.com/story/bank-of-england-rate-setter-urges-people-to-accept-they-are-poorer-in-fight-against-inflation-12866426

Oh ok then! Ffs!

Everyone ok with that?

Most of the 37percent of the population who voted for Brexit accepted being poorer. It was understood at the time but sovereignty and reduced immigration were more important apparently ( Of course a few rich Brexiters might have made money from it).

Even if in decades time we do get richer on average due to trading with East Asia and Africa etc standards and the environment will be worse so we might not feel better.

Fotherinbgton - I did read what he said, in fact I enquired on another board and just got told Brexit stuff.

So you think he is saying companies should accept lower profits? I would be surprised if that's what he means.

Net Worth of £50m being worth less in $ Euro and Yen, is one thing. I think could probably "accept" that no problem.

Not being able to afford to properly house, clothe and feed yourself and your family. Not really acceptable.

we (the people who do the actual work that keeps the wheels turning) are poorer because the people at the top are incompetent, have looted the country and are busy stuffing their pockets boots and offshore bank accounts with the fruits of our labours

Well, he’s not wrong, is he? We are literally poorer.

Wow yes that’s the problem. Our expectations are too high. Expecting to housed, fed, warm and have indoor plumbing.

I feel these things are written by people whose concept of poorer is one less fancy holiday a year. Talking to people who can’t afford to put a tenner in the electric meter.

I'm not sure that's the bit most people have a problem with!

The transcript is here https://www.law.columbia.edu/sites/default/files/2023-04/Beyond%20Unprecendented_S3_Ep4_Transcript.pdf

He's not talking about Brexit at all. He's talking about the fact that costs (for everyone, businesses and individuals alike) have genuinely increased as a result of the Ukraine war. If everyone tries to pass along these excess costs entirely (eg businesses passing energy costs onto customers so that their bottom line is unaffected), that will cause a spiral. (And the same risks from wage increases which is obviously less palatable than the idea of shareholder profits being down, but as an economic argument is absolutely mainstream.) He's advocating that the pain should be shared fairly in order to avoid spirals until we get out of the crisis.

I'll rail against Brexit as loudly as the next person, but that's absolutely not what this chap was talking about. He's also not saying "suck it up, peasants"- quite the reverse.

Have you already drunk the Kool Aid @MangeTrout ?

Sod being poor. I want loadsa MONEY!

Fotherington thank you, I will read that after work

I saw an extract from a colleague, then heard people online discussing something else entirely and was very puzzled. And was just met with more crazy when enquiring in my other chat board.

Er,
i think Mange is clearly saying she doesn't want Kool Aid, but that's a whole other thread.

I thought MT was saying to accept the status quo...

What he said is absolutely true. You might not like it but it is fact.

Of course there Is always going to be people at the bottom and they always seem to get hit hardest, but they will get hit even harder when relatively rich middle-class muppets expect an annual 10% pay-rise that makes basic essentials more expensive for the poorest in society.

We constantly have rich people on this site moaning that they only a have a grand left to spend each month on hairdos and nails and takeaways. Those people need to get a grip and realise there is always boom (which we had and enjoyed again) followed by a bust for a few years, then repeat.

I’ve definitely accepted I’m poorer! I did when waking up to a bedroom at a temp of 7C several times this winter. I dare say I’ll be able to afford heating again in a couple of years.

Quite a lot of people have already been forced to accept it as they have no choice in the matter with inflation whacking us round the head with a baguette that costs £1.05.

I'll accept I'm poorer when the super wealthy stop tax dodging.

I disagree - I don't think there is any intention for us to feel happy, or even for there to be a pretence we are.

I'm thinking posters are not familiar with all this ...

Why on Earth would we all collectively be aware of a quote?

I had to take my first trip to the community fridge today as I had to pay off two school trips this month. There's not much left to squeeze for me. I have a slow puncture and I'm just pumping it up daily. Normally I'd go overdrawn or use the credit card but this is going no where so I can't. No new tyre for me until pay day. That's depressing and I feel like something has really shifted recently for us as a family. I'm now putting money into pots so I don't have to worry about a tyre. Even last year I'd have the money for this, the last 12 months have really seen a change in our ability to cope but no pay cut or job loss. Gone from being ok to this scarily fast.

basically by keeping on voting for same old same old then people are accepting it. Just saying it in a different way though.

The country accepts that people are poor because very little is done to change the status quo. Rich and influential people appear to quite like that and fiddle around the edges with things to slightly improve the life of 'the poor' whilst actually ensuing they and their own stay rich.

We constantly have rich people on this site moaning that they only a have a grand left to spend each month on hairdos and nails and takeaways. Those people need to get a grip and realise there is always boom (which we had and enjoyed again) followed by a bust for a few years, then repeat.

When was the boom post 08?

I was outraged too until I read what he said in context. I think he's been misrepresented to grab headlines to be honest. What I do agree with though is that people like him can get very academic when discussing things, they don't really seem to grasp that these facts and figues have real people at the jaggy end of it all. Couple this with a media that love to stir the pot and this is the result.

I mean to clarify I don't think what he said is wrong. I am just so angry this has happened.

And no we shouldn't regress and some pps have said. We shouldn't be worse off than 2006, 2019 or whatever.

I will only accept the workers becoming poorer, when the richest share some of their wealth and stop being so greedy. Until that happens I fully support those striking for better or those no longer going over and above for no extra pay.

This is a much better idea.