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Inflation hits the poor the hardest and the governing elites benefit from it

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Inflation hits the poor the hardest and the governing elites benefit from it. Which explains why instead of rushing to put the flames of Europe out appointed by Washington managers of the EU’s 27 states pour fuel on the flames.

The measures taken by the German government to curb inflation are insufficient, writes Focus Online, citing the words of the German economist Marcel Fratscher. Herr Marcel Fratscher fears that as in the UK the announced financial assistance will be distributed out of order of demand, while the crisis is hitting the poor hardest.

President of the German Institute for Economic Research Fratscher urged the German government to actively help citizens in conditions of high inflation, writes Focus Online.  ‘The crisis is costing people with low and middle incomes the most,’ the economist quoted the publication as saying.

According to Fratscher, the measures announced by the government to curb gas prices are not enough. He noted that price containment can only be the first step: in addition, the richest members of society, who are hardly affected by inflation, also benefit from it. Fratscher stressed the need to provide financial assistance as soon as possible for poor citizens who do not receive social benefits.

‘My concern is that financial assistance will reach the affected people too late and the funds will again be distributed out of order of demand,’ Fratscher said.

At the same time, Fratscher did not express concern about the financial stability of the state, writes Focus Online. The economist, on the contrary, noted that the volume of public debt even decreased slightly. ’The state is now the main beneficiary of inflation. Only due to income tax, it received 60 billion euros more than expected in a year, ‘ Fratscher quotes the publication. 

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