With each interest rate hike, opponents have stressed that low-income workers and other marginalized people are bound to bear the brunt of the negative impacts.
U.S. Sen. Elizabeth Warren , a vocal critic of previous hikes, was among those who“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.” Unemployment rising to 4.4% next year likely translates to a Black unemployment rate of 8.8%. We don’t have to make this choice for Black workers.
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