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
Voters in Key States See AI Campaign Cash as More Politically Toxic Than AIPAC: Poll
Take Action Now “Candidates should seek support from the AI industry at their own peril.”By Jake Johnson, Common Dreams Polling data released…
Everything You’ve Been Told About Lethal Injection Is a Lie
Take Action Now Death by drugs is brutal—and designed for political optics. Christa Pike’s failed execution pulled back the curtain.By Arianna…
British Support For Israel Is Shattering
Take Action Now There is not a single member of the Foreign and Commonwealth Office who believes that Israel, under any leadership, would allow a…
I’ve Covered Death Row Cases for Nearly a Decade. What Happened to Christa Pike Wasn’t an Anomaly.
Take Action Now Several states have faced questions about the competence of their execution teams as major medical organizations have opposed…