Some Realities in Economics

Heard the following stats on a radio broadcast and they angered me, and shamed me a little also.

The UK’s national inflation rate is about 5% apparently. But the inflation rate for people over 80 years of age is 9.8%. Dear God…nearly 10% inflation for some of the most marginalised people in the country.

The rate for people under 30 is 5.6%.

And for non-retired ‘poor’ people = almost 8%

Inflation rates impact disproportionately on the poor and the old…mainly because they spend a higher prop of income on food and fuel

2 thoughts on “Some Realities in Economics

  1. Inflation at various times in the last 30 years has been 10-15%+. In terms of welfare and health care “Old folk” and the “poor” have never had it so good… perspective IS a good thing. Food and fuel prices will probably drop as a result of a recession as well. And in any case have been artificially low .. in terms of our responsibility to the 3rd world and climate change. Maybe.

  2. Interesting qmonkey.

    Can saving the planet justify a situation where some older people, who are effectively our neighbours, are left to chose between heating or eating? How do we balance our responsibility to the developing world and that to our elders closer to home? Not easy questions. Of course the poor here are relatively much better off than those in other parts of the world. But the rich here are also richer and we still have to do something about local economic injustices.

    In fact, I might want to argue that the churches engagement with the developing world is ethically and morally undone when we ignore the marginalised on our doorsteps.

    I can feel a post coming on.

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