Federal Reserve wants lower wages

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by Leavingtheecstasy


US Federal Reserve chairman Jerome Powell said his goal is “to get wages down,” complaining workers have too much power in the labor market. Economist Michael Hudson says this is “junk economics,” and corporate monopolies are driving inflation, not wages.

“Wages are running high, the highest they’ve run in quite some time,” the Fed chairman lamented.

Workers need to be disciplined by the labor market, he insisted.

Powell argued, “There’s a path by which we would be able to have demand moderate in the labor market and have—therefore have vacancies come down without unemployment going up, because vacancies are at such an extraordinarily high level. There are 1.9 vacancies for every unemployed person; 11½ million vacancies, 6 million unemployed people.”

See also  Federal Reserve Governor Christopher J. Waller: "Fundamentally, financial stress emerges when someone is owed something and doesn't get paid back or becomes worried they won't be paid back."

Look at what you bastards have done.




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