There is little point us giving a detailed breakdown of the recent ‘Fiscal Event’ as the bourgeois media is totally on it, and fair to say as aghast as everyone else! Government debt costs rise and currency falls as global capital mocks Truss’s policy time machine.
A meme doing the rounds says: ‘I’d tell you a joke about trickle-down economics, but 99% of you won’t get it’. The detail is secondary to the logic and the impact.
Liz Truss explained during interviews at the UN that allowing the wealthy of The City to get richer and lifting the cap on bankers’ bonuses was essential to the levelling up agenda!! Liz engages in a Thatcher Cosplay to resurrect a neoliberal model that even most capitalists have turned their backs on since it crashed and burned in 2008.
For all the bells and whistles (including Putin’s trick of calling something blatant by a different name), the first detailed impact analysis by the Resolution Foundation says that the only net beneficiaries will be those earning in excess of £150,000. The idea that they will all spend their money in Poundland and Pizza Hut creating more well-paid jobs for the rest of us is, well, laughable or tragic.
Even western capitalism’s CEO Joe Biden chipped in with: “I am sick and tired of trickle-down economics. It has never worked.” Ironic given that the US inspired bloody coup against the elected socialist government of Salvador Allende in 1973 turned Pinochet’s dictatorial Chile into an economic laboratory for the neoliberal ideas of Milton Friedman’s Chicago School.
Reagan then Thatcher ran with its powerful anti-working-class agenda and the rest is history. A history of attacks on the working class, it’s communities and social cohesion and deregulated land grab that trashed the planet.
The optics couldn’t be worse, this is a robber baron’s budget for the rich from newly converted monarchist Liz Truss marking her out as a vicious class enemy – in case we didn’t know.
Against the back drop of mass impoverishment and mounting class struggle this should prove the red rag for the enraged proletarian bull! The dead queen’s truce is over, it provided the smokescreen for this planned attack on any sense of decency, logic, and our class.
Buried with intent in its detail, as if anticipating our response are further planned restrictions of the already highly regulated right to strike. Our labour is our only possession and the class war, like Putin’s, has unmasked and come out in the open.
The struggle not only continues – it just escalated.