'The Phillips curve positing a trade-off between unemployment and inflation is a false dichotomy in the long run, especially in an aging economy stagnated by a bloating welfare state like ours.' -TianaTheFirst
For a second consecutive month, the unemployment rate has fallen, this time to the near 54-year low of 3.5%. Despite the Federal Reserve tightening interest rates at the fastest clip in 40 years, the labor force participation rate has plateaued at 62.6% for a fifth month in a row. The numbers tell a very clear story. Despite the fulmination of pro-inflation Democrats like Sens.
For a year now, Warren and company have blasted Jerome Powell for finally refusing to finance the federal government's COVIDiocy, thanks to the progressive penchant for inflating the paychecks of the working class as a secondary tax. But the data simply has not born out the expectations of either Warren or Powell, who similarly expected an uptick in unemployment, though he correctly considered that a worthy cost to restore price stability.
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