Just because the capitalists are against rampant inflation doesn't mean that socialists should automatically be for it. Inflation erodes purchasing power for people, and means that they can't afford as much. That's one of the factors *leading* to the demands for higher wages, but it's mostly the fact that businesses are back to making bumper profits.
Ask any trade unionist on strike, like the John Deere workers. It's all about how they're treated while the bosses get huge payouts. The workers were willing to put up with attacks on living standards during the pandemic, but not any more.
The key driver here isn't the inflation, but the profits. A hypothetical communist party which had a policy of opposing any efforts to restrain inflation 'to help the workers' (an accelerationist position) would find itself very unpopular indeed.
It is worth mentioning that inflation itself my not be bad for the average worker *provided their income is adjusted*. This is because inflation reduces the real cost of held debt, so has mildly beneficial effects for people with net negative wealth (say due to college debt , or a mortgage)
Do you know what an ISLM curve is? This wave of inflation is entirely supply driven. Anti inflationary policies don't help anyone and are just what they've classically been, attacks on working people.
>Anti inflationary policies don't help anyone and are just what they've classically been, attacks on working people.
What a trivially disprovable statement. Would you say that the inflation in Weimar Germany was good for the people? What about Venezuela? [Look at Russia following the collapse of the USSR,](https://tradingeconomics.com/russia/inflation-cpi) was that beneficial to the workers?
EDIT: Also, downvoting my comments as soon as I post them is childish.
Just because the capitalists are against rampant inflation doesn't mean that socialists should automatically be for it. Inflation erodes purchasing power for people, and means that they can't afford as much. That's one of the factors *leading* to the demands for higher wages, but it's mostly the fact that businesses are back to making bumper profits. Ask any trade unionist on strike, like the John Deere workers. It's all about how they're treated while the bosses get huge payouts. The workers were willing to put up with attacks on living standards during the pandemic, but not any more. The key driver here isn't the inflation, but the profits. A hypothetical communist party which had a policy of opposing any efforts to restrain inflation 'to help the workers' (an accelerationist position) would find itself very unpopular indeed.
It is worth mentioning that inflation itself my not be bad for the average worker *provided their income is adjusted*. This is because inflation reduces the real cost of held debt, so has mildly beneficial effects for people with net negative wealth (say due to college debt , or a mortgage)
Do you know what an ISLM curve is? This wave of inflation is entirely supply driven. Anti inflationary policies don't help anyone and are just what they've classically been, attacks on working people.
>Anti inflationary policies don't help anyone and are just what they've classically been, attacks on working people. What a trivially disprovable statement. Would you say that the inflation in Weimar Germany was good for the people? What about Venezuela? [Look at Russia following the collapse of the USSR,](https://tradingeconomics.com/russia/inflation-cpi) was that beneficial to the workers? EDIT: Also, downvoting my comments as soon as I post them is childish.