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Sharing economic pain is about equality not envy
Resentment over falling living standards in the West is rising. But not for the reasons some think.
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Think-tank thr Resolution Foundation says households in the United Kingdom will be £2,100 (S$3,400) worse off in 2023 compared with 2022.
PHOTO: BLOOMBERG
Gillian Tett
It is not a very “happy” new year right now for many in the United States. As inflation eats into take-home pay, households have had to cut back on essentials, switch off the heating, buy on credit and in some cases turn to food banks or fuel vouchers.
Naturally, people feel afraid about the outlook. But for those who have lived through past crises, current levels of anxiety can feel strange.
