'Rate hikes will force millions of Americans into joblessness and make families poorer,' said economist RBReich. 'It's the last thing we need right now.'
"Every time over the last half-century the Fed has raised interest rates this much and this quickly, it has caused a recession," Reich continued.
"With the Federal Reserve's pace of monetary tightening now the fastest in decades, I have serious concerns that President [Joe] Biden's promise to 'grow the economy from the bottom up and the middle out' is now at risk," Jayapal said in a "Just as the burden of high costs is not borne equally, so is the impact of interest rate hikes," she added."Full employment allows for much-needed income gains, particularly within the bottom spectrum of wage earners—and during high unemployment, disadvantaged, lower-paid, and Black and Latino workers are disproportionately harmed."Jayapal urged the Fed to"exercise the utmost caution going forward and resist the urge to further raise interest rates.
"Congress should help ease inflation, too," Sahm wrote."For example, it could pass legislation to keep health insurance premiums low, reduce tariffs, build affordable housing, and fund sustainable energy production. Only a handful of measures would bring down inflation quickly, but they would all pay off in the coming years and make the U.S. economy more resilient in the next crisis.
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