24 June

Lots of talk of ‘wage-price spirals’. The fear that paying ordinary working people more will drive inflation. No concern at all about capital-price spirals in housing, for the past 30 years, driving prices higher and higher. Or massive tax cuts to rich people coming in the next few years, income-price spirals, what if they spend it and drive up inflation! (says nobody) At the end of the day there’s always a way to rationalise a minority of people getting most of the money.