As the capitalist world is commodification of everything that can be imagined. The cost-of-living is not only the necessary commodities but also the luxury good taken into account. The cost-of-living crisis has been made by humans just like pollution and climate change. According to Karl Marx, he stated cost-of-living crisis as “state of monetary barbarism”. He called this so because there is too much of overproduction yet the society goes into recession because of the capitalist principle of money making. In Britian, people are yet again facing debt amid the surge in cost-of-living crisis.
Credit card borrowing has increased, as reported by the banks. Food prices and energy bills have increased again, which have increased credit loans, overdrafts, and car finances. Boris Johnson have reasoned out this crisis as workers demand better pay rise, increasing the cost-of-living. This was creating “unnecessary cost pressures”, which meant families where spending more on housing, transport, and energy. Money Advice Trust said that the “BoE figures are worrying sign of the continued strain on UK household budgets”.
An analysis by the Labours found that average person in Britain by 2030 is going to be poorer that average American was in 2000. Lower wages, growth, and higher-tax are the reasons of this crisis. There is also sharp rise in military spending, due to the war between Russia and Ukraine. Which have caused this situation and made people helpless.
This situation needs to be handled immediately, otherwise the country may run into recession. The deep stagnation of large part of world today has created this crisis. According of Marxist term this is a period of “epidemic of overproduction”. This has created total disarray in the society. This epidemic has given rise to massive debt build-up, the housing derivatives, credit inventories of global automobiles. Therefore, necessary steps needs to be taken to handle this man-made disaster.
