Sunday, 8 June 2008
Hard Times Ahead for the Masses
I have just come across an article on the Internet which stated that "OPEC members saw no need on Sunday to pump more oil in response to last week's double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified." In the same article, the German Economy Minister, Michael Glos, affirmed that "The increase of the oil prices is becoming a real threat to the worldwide economy."
The shocking increase in the oil price per barrel is only one of the factors underlying the greater level of stress experienced by millions of individuals around the world. The increasing prices of various food items is also making life tougher for several people.
What about Malta? How are these issues affecting the Maltese workers? According to an article published in The Times on 03/05/2008, "While Malta has not yet reached a situation of hoarding or food riots, it is still feeling the pinch - a one-litre milk carton has just gone up by €0.07 (3c) and importers are about to raise the price of flour, which will affect the price of bread." The article also stated that "The pockets of lower-income families will be worst hit because this sector of society spends some five to 10 per cent more on food than their wealthier counterparts." Some newspapers have also already mentioned the fact that the surcharge tax related to the utility bills is going to increase from July onwards.
In view of the above, are salaries going to increase? How are the various governments of several nations going to help the masses overcome such crises?
It really seems as though there are going to be some pretty hard times ahead for the masses...