Bank of England: 'Accept' you are poorer remark sparks backlash

No, economists are not employed to prevent crashes. That shows your lack of understanding on what economists and do and specifically what monetary policy is for.

A part of what some economists will do is forecast. It's up to government and the MPC to then react accordingly. The solution to the current economic crisis is in the hands of the government, not the Bank of England. He chose the word "accept" poorly, but he is simply stating the truth that the UK is poorer than it used to be. People are fixating on the wage increase line while ignoring the whole quote. He also mentions businesses passing on every increase in cost to the consumer.

This whole comment section is a classic case of loads of people on Reddit getting angry about a headline, while also knowing extremely little about the subject matter. I don't expect people to know much about monetary policy. I do expect people to not make sweeping declarations based on little more than immediate emotional reactions.

/r/unitedkingdom Thread Parent Link - bbc.com