The current inflation was made in Washington. In addition, the people of the United States and other countries are having to sustain the costs of Washington’s new Cold War.
China in 2022 will face more negative global economic trends than in 2021. This will clearly require more domestic stimulus in China while making it necessary to avoid the errors of Trump/Biden administrations.
The trade-off has never been between lives and ‘the economy’. It has always been a trade-off between lives and the opportunity to boost profits.
Biden has abandoned 40 years of US neo-liberalism. He is attempting the greatest change in US economic policy since Reagan. This change in economic policy will make the US a more formidable economic competitor to China.
The rise in unemployment, the attack on pay and conditions represent a qualitative sharpening of the ruling class offensive that began in the 1980s. The latest policies are not an aberration, mysteriously afflicting all the major capitalist powers simultaneously. They are a deepening of previous attacks.
The Tories have no real plan to get out of the current economic crisis, but they are determined that the working class will foot the bill.
In that way, their hope is that the end result of this economic slump will be much lower wages across the board and that profits for the remaining companies will significantly increase as a result.