Who will bear this pain? Not corporate executives. Not Wall Street. Not big investors. Not the upper-middle class.
By Robert Reich, LA Progressive
This week’s consumer price index report shows annual inflation still roaring at 8.3%. Even without food and energy included, core inflation rose back above six percent year-on-year, according to the U.S. Bureau of Labor Statistics.
This means the Fed will almost certainly raise interest rates by another three-quarter of a point when it meets next week. And then probably keep raising rates.

How much economic “pain”—as Fed Chair Jerome Powell recently called it—will be needed to control the worst breakout of U.S. inflation since the 1980s?
Researchers at the International Monetary fund are now saying that the unemployment rate may need to reach as high as 7.5%—double its current level—to end the country’s outbreak of high inflation. This would entail job losses of about 6 million people.
Who will bear this pain? Not corporate executives. Not Wall Street. Not big investors. Not the upper-middle class.
Recent Posts
Trump’s Gaza Plan Has Already Done Its Damage
February 10, 2025
Take Action NowThe proposal to cleanse Gaza of Palestinians tapped into a deep undercurrent in Israeli society — endangering any chance for a…
A New Military-Industrial Complex Arises
February 10, 2025
Take Action NowA secret war is shaping up at the Pentagon.By Michael Klare, Tom DispatchLast April, in a move generating scant media…
Repression vs. Activism — Colleges Crack Down While Gaza Solidarity Persists
February 10, 2025
Take Action Now Students remain at the forefront of the struggle for a more just, less militarized, and truly democratic world.By Eric Ross Last…
American Security Contractors Walk A Thin Line In Gaza
February 7, 2025
Take Action NowFormer private soldiers say this new way of war — unofficial boots on the ground — could go sideways, while giving governments…