Europe compared with the global toll of the cost of living crisis

[pellinore]

From New Zealand to Nigeria: the global toll of the cost of living crisis

Unsparing inflation across basics from food and energy to housing is pushing millions into poverty, as our correspondents report

From New Zealand to Nigeria: the global toll of the cost of living crisis | World news | The Guardian

Edited December 13, 2022 by pellinore

[Eldorado]

Related news....

Apple’s iPhone 14 series sales hit 26.09 million units two months after its release.

https://www.gizchina.com/2022/11/30/iphone-14-series-sales-are-booming-apple-beats-samsung-again/

[odas]

I don't know for how long we can take this without a worldwide uprising. It is not so much about us, the regular population, being hit by all the inflation but that this situation has apsolutely no negative impact on the wealthy. In fact it has a positive impact on them. Even the upper middle class is feeling the pinch not to mention the rest of us.

No CT intended but, what is going on?

[+and-then]

4 hours ago, odas said:

No CT intended but, what is going on?

Since every bit of this began with a pandemic of dubious origin and has been worsened by the over-reactions of governments in handling it, I'd say it's reasonable to say this chaos could have been avoided, or at least moderated had someone wanted to control it.  I think the world is being driven to the brink and when enough people are in enough pain, voila`, a shiny new economic and governmental system will rush in to save the day.  Those who die or are destroyed in the meantime are of no concern to the governments of the world.

"so this is how liberty dies... to thunderous applause"  

[spartan max2]

4 minutes ago, and-then said:

Since every bit of this began with a pandemic of dubious origin and has been worsened by the over-reactions of governments in handling it, I'

That's where you're wrong kiddo.

These trends in terms of housing crisis, increasing cost of living amongst slower increase in wages is a trend that was already happening the past decade. 

The Covid pandemic only accelerated and exhausterbated the problems that were already there 

Edited December 13, 2022 by spartan max2

[odas]

15 hours ago, and-then said:

Since every bit of this began with a pandemic of dubious origin and has been worsened by the over-reactions of governments in handling it, I'd say it's reasonable to say this chaos could have been avoided, or at least moderated had someone wanted to control it.  I think the world is being driven to the brink and when enough people are in enough pain, voila`, a shiny new economic and governmental system will rush in to save the day.  Those who die or are destroyed in the meantime are of no concern to the governments of the world.

"so this is how liberty dies... to thunderous applause"  

No. The problems we are in began back in the late 80' early 90's with the fall of the Iron Curtain and China's economic revolution. Once China and the eastern european countries opened up to the world the industry and the rich moved in leaving the western workforce with little barganing power. This worked for the owners, politicians and the wealthy, not for the general population. We are moving backwards. I keep on saying and saying and saying, there is no difference between Stalin's communist economy and forced patriotism and today's so called capitalism and a national forced patriotism, especially in the US.

The western economy is in the downfall since at least 25 years with constantly rising inflation and falling disposable income. The pandemic just sped up the slow process with companies taking advantage of the situation. Not one of the companies stationed in China, India...has closed and fully returned to Europe, Nort America. In fact many more have opened shops there. And no, it is not China's fault.

Besides that, we are left, here in North America, to fight one against each other when it comes to attracting bussiness instead of joining ranks like in the 60', 70 and up to the late 80's.

We are now in a neo feudal economic age, we moved away from true capitalism. That is the core of all our problems. 

[odas]

Just to put this disparity into a perspective of my own company.

2006, hiring starting wage, 15 dollars on production line, our cheapest product was 150000. CEO was making 200000.

2022, hiring starting wage, 18 dollars on production line (down 2 dollars from 2021 that was originaly instated that year), our cheapest product ( the same product as in 2006) is now 450000. CEO is making 500000.

That is only my company but it is the same situation across North America and likely simmilar in Europe.

Anyone see the logic in that? 

Can anyone else compare their company starting wages 10/ 15 years ago as well as the CEO earnings with 2022? It would be interesting to see what experiance others have.

[pellinore]

17 hours ago, odas said:

Just to put this disparity into a perspective of my own company.

2006, hiring starting wage, 15 dollars on production line, our cheapest product was 150000. CEO was making 200000.

2022, hiring starting wage, 18 dollars on production line (down 2 dollars from 2021 that was originaly instated that year), our cheapest product ( the same product as in 2006) is now 450000. CEO is making 500000.

That is only my company but it is the same situation across North America and likely simmilar in Europe.

Anyone see the logic in that? 

Can anyone else compare their company starting wages 10/ 15 years ago as well as the CEO earnings with 2022? It would be interesting to see what experiance others have.

In the UK, workers wages have fallen in real terms since 2008 while CEOs have seen a 3 fold increase in salary. The UK is set to be poorer than Poland in 10 years time if current trends continue (not that there is anything wrong with Poland, it is just it has up till now been one of the Eastern European countries that we attracted workers from). With the EU being one of the top three trading blocks, it won't be many years before it attracts economic migrants from the UK.

Something I read recently was that although the UK is rated the 6th richest economy in the G7 (it has fallen behind India since the economic shock of Brexit), that only applies to the top 5% of the population. For the majority of the population, the UK is only the world's 12th largest economy.