RedSquare
1st February 2011, 22:04
I'm struck by the amount of reporting on how the "cost of living" is lowering thanks to the current economic climate, but in many cases this is clearly not true.
For instance, today increases in public transportation costs were announced, and the price of food has only decreased marginally with commentators now talking about price increases due to shortages. Yet people have been made redundant, lost their jobs, and are selling their labour for lower wages but costs keep going up.
Those I know who blindly support capitalism say that it has to do with an increase in oil prices and other variables, which sounds like nonsense to me.
Is this blatant profiteering like conspiracy theorists would allege or are prices really decreasing in the long term?
For instance, today increases in public transportation costs were announced, and the price of food has only decreased marginally with commentators now talking about price increases due to shortages. Yet people have been made redundant, lost their jobs, and are selling their labour for lower wages but costs keep going up.
Those I know who blindly support capitalism say that it has to do with an increase in oil prices and other variables, which sounds like nonsense to me.
Is this blatant profiteering like conspiracy theorists would allege or are prices really decreasing in the long term?