One of the most predictable, and (of course) predicted, results of Brexit would be inflation. The UK gets a lot of widgets from the EU, and the Pound has dropped more than a bit (13%, as of the article). As mentioned many times in these missives, inflation has three forebears:
- demand pull
- cost push
- wage push

The Right Wingnuts always attribute any bit of inflation to the last, and always call for punitive measures on wages. Doesn't always work. Well, never. Volcker demonstrated that one could rid an economy of inflation by destroying the whole edifice, by going after wages.

Accelerating inflation may help explain the stunning electoral rebuke of Prime Minister Theresa May and her governing Conservative Party as well as the unexpected strengthening of the Labour Party in Thursday's parliamentary elections. Consumers are grappling with rising prices, and wages have not kept pace. The economy is weakening.

I wonder how the Tories will spin this direct cause-and-effect to greedy, lazy, takers in the wage earning sector? They should hire Ryan, I suppose.

In at least as stunning, recent news is that the Kansas legislature has passed tax increases over Brownback's veto (the article title is a play on Frank's "What's the Matter with Kansas", from some time ago). He and Pence were running neck-and-neck for most hated governors. Voodoo economics only works for the high priests. Once again, the Darwinian/Randian set don't care how their slice of the GDP pie gets bigger relative to the remaining. In fact, they seem to prefer that they get an increasing proportion of a shrinking pie. There's a neat sequence in a "Criminal Intent" episode (no claim to be the first such) I saw recently where Goren hounds the perp by comparing shoe size to junk size, and that those with itty bitty junk prefer petite woman. Makes the junk seem bigger. By comparison.

The cuts came. But the growth never did. As the rest of the country was growing at rates of just above 2 percent, Kansas grew at considerably slower rates, finally hitting just 0.2 percent in 2016. Revenues crashed. Spending was slashed, even on education: In March, the State Supreme Court ruled that state-level school spending was unconstitutionally low. The court is ideologically mixed, but its ruling was unanimous.

The 1% just want to feel their junk's bigger.

Could the hard right have met its Waterloo? One can only hope.

Views: 60

Comment by Robert Young on June 12, 2017 at 10:59am

well, I'd expect for hell to freeze over first.  but the NR folks can float on their personal iceberg.

Comment by Maui Surfer on June 12, 2017 at 9:38pm

They just don't care. A fascinating thing, but they do not. Maui is a good example. Sure, the Island feels a pinch on the demand for tourism workers when the economy dips, but, the wealth keep coming no matter. I remember back in the Seventies reading about the nationwide situation and actually feeling worried for a minute there. Somehow, right in the middle of the mess, there we were working on unloading huge shipments for IBM and others, mainly rewards for the sales units. They do not have a lot of low end customers, well, really none. And, those are not even one percenters, per se, just folks who were doing very very well.

Comment by Robert Young on June 13, 2017 at 8:25am

it's likely worth a discrete post, but for now, just the observation that my use of Kim Jong-Don for our President may have annoyed some readers.  but, after yesterday's "cabinet meeting" straight out of Pyongyang, I claim oracle status.

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