This Could Be The Biggest Recession Since The 1930s

[HeHasRisen]

No no no no, Argos changing a word on their website is much more important.

[El Cid]

2 hours ago, Chekhov said:

One has to remember we are in an artificial situation here where the Billions pumped into the economy during the pandemic is working its way through (hence high inflation), but when that has dissipated that's when unemployment will be on the rise.

When the great one was our leader, there were discussions about whether or not we will repay our debt, or leave it to the next generation.

There has been no announcement by Truss, that we cannot afford tax cuts because we need to repay our debt.

Responsible governments are a thing of the past!

[Mister M]

On 16/08/2022 at 22:12, Chekhov said:

Things are hotting up, and it has been obvious they would since about, errr, March 2020 :

 

Inflation drives fastest fall in real pay on record

https://www.bbc.co.uk/news/business-62550069

Pay has fallen further behind the rising cost of living, according the latest official data.

While average wages rose 4.7% between April and June, that was outpaced by inflation - or price rises - which is growing at a much faster pace.

As a result, the "real value" of pay fell by 3%, according to the Office for National Statistics.

Inflation drives fastest fall in real pay on record:

 

Only for some:

FTSE 100 chief executive average pay jumps by 39% to £3.4m | The Independent

[El Cid]

Businesses are reported to be closing because of high energy costs. The ones sited on the BBC were pubs and retail.

Are generators not a cheaper solution than energy companies?

[HeHasRisen]

7 hours ago, El Cid said:

Businesses are reported to be closing because of high energy costs. The ones sited on the BBC were pubs and retail.

Are generators not a cheaper solution than energy companies?

Surely thats not feasible in the main, generators are noisy things in my experience.

[crookesey]

The working folk had bog all to lose in he 30’s, this was a recession that hit those with possessions, it took WW2 to get the world back on track, and we don’t want the third version do we?

Edited August 23, 2022 by crookesey

[El Cid]

5 hours ago, HeHasRisen said:

Surely thats not feasible in the main, generators are noisy things in my experience.

A generator would be in a different room. If energy companies offer a cheaper and quieter service, I guess people will choose to use them.

[nightrider]

On 22/08/2022 at 19:31, El Cid said:

When the great one was our leader, there were discussions about whether or not we will repay our debt, or leave it to the next generation.

There has been no announcement by Truss, that we cannot afford tax cuts because we need to repay our debt.

Responsible governments are a thing of the past!

No government has ever repaid our debt.

[Chekhov]

On 20/06/2022 at 21:04, Chekhov said:

Many of us have thought we were going to get a massive recession after shutting down much of the economy for months on end during the pandemic, and also huge inflation (15% or more is perfectly possible) from the many billions pumped into at at the same time. But I reckon it's going to be even worse than I originally thought, partly because of the war in Ukraine, but also because many people  (esp in their 50s and 60s) have dropped out of the labour market.  They were at home off work getting used to not doing much with their money (because they couldn't) and basically got out of the habit of working. This was exacerbated by the recent relaxation in the rules as to what people can do with their pension pots (taking it our as cash rather than having to invest in an annuity paying them every month for the rest of their lives). This is one of the main reasons for low unemployment at the moment, and because there is no longer free movement of labour, we cannot compensate for it like we could before. Even worse, those 50 and 60 somethings are, because of their experience, some of the most productive in the economy, so the effect on the economy will be even more significant.

But it could get even worse because many of these early retirees will find their money does not last as well as they thought (esp with high inflation) so they will be re-entering the labour market, possibly whilst we are in a serious recession.

I am really worried, hold on to your hats, this is going to hurt, and possibly for years and years.

OMG....

I never thought it would happen this soon..... :

 

‘Pandemic retirees’ return to work as inflation hits value of pensions

Tens of thousands of over 65s have returned to work or have put off retirement in recent months, reversing the pandemic trend of older people leaving the workforce.

https://www.thetimes.co.uk/article/pandemic-retirees-return-to-work-as-inflation-hits-value-of-pensions-zhvsg38s6

 

Edited August 27, 2022 by Chekhov

[Chekhov]

GORDON BENNET ! Has anyone been into Wilko recently ?

Loads of shops have empty shelves but they must be one of the worst - upstairs is worse - and it's been like that for a year or so (getting steadily  worse though). I even remember, at the back end of last year, asking one of the staff it they were closing down (because they had so many empty shelves). She said "no, we just can't get the stock".

 

This is frightening.....

Edited August 30, 2022 by Chekhov