He’s from the projects, they said. His Mum was a welfare battler, they said. He’ll lift wages, they said.
They lied.
Albo is the smiling assassin of capital and he has set about what is shaping as the greatest accelerated destruction of Australian workers’ wellbeing in a century:
There has not been a singular drawdown of this depth and pace for real wages in 70 years at least:
For perspective, check out the same chart for the US, the home of rapacious capitalism. The real income fall is much smaller because wage growth is much higher:
The problem for Aussie workers is threefold:
- Albo is protecting the coal and gas cartels that will rip $50bn out of the economy while adding 6% to CPI over the next year.
- Albo is planning to uncork half a million accelerated slave visas and the highest immigration intake in history to pancake already weak wages growth of just 2.6% WPI and 1.9% AWE.
- The net effect is that Albo will make inflation worse and wages weaker, driving the RBA to crash house prices.
Perhaps the Coalition was right about Albo’s economic inexperience. That is, he means well but is the useful idiot of capital, as woke thought so often is.
Or, perhaps Albo is an overly rigid leader, unable to adapt to the fast-moving demands of economic shocks and grasping ever more tightly to his own sinking platform with each blow to it.
Or, perhaps Albo is defensive and actually despised his mother for her weakness. Now he is acting out that rage upon the nation’s workers.
Or, perhaps Albo is a conman and knows full well what he is doing.
I don’t know which it is.
All we can observe with certainty is that Albo is overseeing the fastest and deepest shock to Australian workers’ real income and wealth since forever in the middle of the greatest national income boom since the 1890s.
This is a gigantic WTF for a “Labor” government.
