WITH THE RATE of inflation accelerating and unemployment beginning to increase, the prospects for the immediate future are quite predictable: increased government anti-inflationary pressures, with a consequent rise in unemployment. The Treasury men will argue that we need a little unemployment for our own economic health. Of course, the men who advocate such a policy have complete job security! It is not difficult to guess at the kind of measures the government will look to: hold back wage increases; cut back ‘inessential’ social services and government expenditure; increase indirect taxes.
Recommended CitationEvans, David, Notes on the Economy, Australian Left Review, 1(32), 1971, 25-26.