'Raising interest rates puts the burden of fighting inflation on low-wage workers,' notes former Labor Secretary RBReich. 'For once, let's take aim at an actual driver of inflation: corporate profits.'
"Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment," she said Wednesday."I've been warning that Chair Powell's Fed would throw millions of Americans out of work—and I fear he's already on the path to doing so."that"today the Fed decided to risk mass joblessness in its fight against inflation.
"And we know who those workers will be," she continued."The workers most likely to face an economic crisis are workers of color, women, and low-wage workers. The same groups who already face worse economic outcomes in the labor market." In addition to also emphasizing that"raising interest rates puts the burden of fighting inflation on low-wage workers," former U.S. Labor Secretary Robert ReichSpecifically, Reich—now a professor of public policy at the University of California, Berkeley—advocated for a windfall profits tax, price controls, higher taxes on corporations and the rich, and reining in monopoly power.
Noting another tweet from Reich with those same messages, Groundwork Collaborative argued Wednesday that he is"exactly right" that the Fed's recent moves largely burden lower-wage people and"corporate profits must be the target, not workers." "You can't fix the economy by hurting people—but that's exactly what the Fed chose today," Groundwork Collaborative
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