Author: cynical but optimistic

Seven Cents Cotton and Forty Cents Meat



Seven cent cotton and forty cent meat

How in the world can a poor man eat

Flour up high and cotton down low

How in the world can we raise any dough

Clothes worn out, shoes urn down

Old slouch hat with a hole in the crown

Back nearly broken and fingers all sore

Cotton gone down to rise no more



Seven cent cotton and forty cent meat

How in the world can a poor man eat

Mules in the barn, no crops laid by

Corn crib empty and the cow’s gone dry

Well water low, nearly out of sight

Can’t take a bath on Saturdy night

No use talking, any man is beat

With seven cent cotton and forty cent meat



Seven cent cotton and eight dollar pants

Who in the world has got a chance

We can’t buy clothes and we can’t buy meat

Too much cotton and not enough to eat

Can’t help each other, what shall wo do

I can’t explain it so it’s up to you

Seven cent cotton and two dollar hose

Guess we’ll have to do without any clothes



Seven cent cotton and forty cent meat

How in the world can a poor man eat

Poor getting poorer all around here

Kids coming regular every year

Fatter our hogs, take ’em to town

All we get is six cents a pound 

Vety next day we have to buy it back

Forty cents a pound in a paper sac



Dave C

 



Capitalism Chill Winds Blow On Japanese Workers

Real wages in Japan last month slumped the most since 2014 as inflation outpaces growth in incomes in the country, its labour ministry reported on Tuesday.


Earnings fell 4.1% year-on-year in January, marking a decline for a tenth consecutive month and undermining the government’s attempts to reach a goal of 2% inflation accompanied by strong wage growth.


In December, nominal wages in Japan saw their highest jump in nearly 25 years, largely pushed by winter bonuses. But the temporary uptick was followed by the worse-than-expected decline, indicating that the country’s economy is still far from the cycle when both wages and prices rise steadily.
“It appears that many firms attempted to respond to inflation with one-time measures such as lump-sum payments rather than increases in base wages,” chief economist at Daiwa Securities, Toru Suehiro, said. “The impact of December bonuses and inflationary allowances was expected to spill over into the non-bonus portion of wages, but this was not the case,” he added.


According to the head of Bank of Japan Haruhiko Kuroda, a 3% increase in base pay is needed to maintain an inflation target of 2% in the country. Meanwhile, the January rise in nominal cash earnings of just 0.8% was distant from the level necessary for sustainable growth.


Japan’s trade unions are reportedly demanding a 4.5% wage hike at their spring pay negotiations with companies, the biggest since the 1990s. However, economists do not expect a significant pay raise from the upcoming negotiations.


“We expect a 2.8% bump in base pay for 2023, up from 2.2% last year,” Bloomberg’s lead economist Yuki Masujima said.
This comes as Japanese consumers face the highest price growth in four decades. Core inflation, which excludes volatile fresh-food prices but includes oil products, is currently running at 4.2%, the fastest pace of growth since 1981.


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Dave C.

Nation Of Shopkeepers No More?

 Around 630,000 small and microbusinesses in Britain have raised concerns that they may have to fold this year due to spiralling costs, Sky News reported on Monday, citing a study by website builder GoDaddy. Their collapse could reportedly wipe £12 billion ($14.4 billion) out of the economy.

More than three-quarters of survey respondents described the cost-of-living crisis as the biggest challenge they have ever faced, calling the price of energy their single biggest concern.

Microbusinesses, which are typically firms with fewer than 10 employees, represent 96% of all businesses within Britain’s private sector, according to GoDaddy’s UK manager Andrew Gradon.

“They are the lifeblood of businesses in the UK and it’s them that are on the frontline, very much feeling the direct impact of the cost-of-living crisis,” he was quoted as saying by Sky.

“Around 42% said that they wanted support with tax incentives but are also looking more broadly to business support – so looking at technical assistance for business development as well as support for digital strategy,” Gradon noted.

Meanwhile, a government spokesperson acknowledged that companies have been struggling with energy bills, noting that the government is providing businesses with billions of pounds in support.

“This support means some will be paying around half of predicted wholesale energy costs this winter,” he told Sky, adding that the government has “pledged further energy support from April onwards.”

In September 2022, the British government introduced the Energy Bill Relief Scheme, which has reportedly provided £18 billion ($22 billion) to businesses to help with soaring energy costs. However, the plan is due to come to an end in March, and a new support package will reportedly see funding reduced to £5.5 billion ($6.5 billion).

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Dave C.