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Funny how these rich people's solutions for national growth [1] always end up enriching them instead of the nation. To make a nation grow as a net producer, two
by goku12 1y ago
Funny how these rich people's solutions for national growth [1] always end up enriching them instead of the nation. To make a nation grow as a net producer, two things are needed. Improve the availability of capital for setting up production, and encourage its growth by driving up domestic consumption. Both require boosting cash flow in the economy (as opposed to hoarded wealth). And the way to do that is to improve the job availability and the wages. In other words, the employers have to hire more people and pay better wages.
So what happens if you go the other way and cut jobs, cut wages and raise work hours in the name of 'efficiency'? All the extra profits will go to the company owners and shareholders, unless the worker wages raised proportionally at least. Even if the wages are increased, it still means that the cash is reaching fewer people, unless you hire more people - something that they're actively avoiding by forcing the current employees to work harder. Meanwhile, the extra wealth they make this way end up hoarded in some tax haven without contributing to any productive economic activities.
All these talk about hard work, efficiency and competence are for gaslighting the ordinary folks into enriching the oligarchs even further, while they refuse to even pay their fair share of the tax, much less do what's actually necessary to boost the national economy.
This is also a trend in India since just after the pandemic [1]. It's spear headed by an oligarch whose son in law is a former British PM. His infant grandson has more wealth in his name that what any of his employees can hope to see in ten lives.
The really troubling bit in both cases is the messaging. On the first thought, they sound like they care about the nation and that their demand is correct. But it takes a bit a macroeconomic thinking to realize that their advise only enriches themselves at the expense of the nations. This sort of deceptive messaging should be called out and condemned.
[1] https://www.bbc.com/news/world-asia-india-67269976 https://www.bbc.com/news/world-asia-india-67269976