122 Comments

Unfortunately, the head of the Fed is a conservative Republican who has no vision. He understands every challenge in our economy as either lowering or raising interest rates. There seems to be no effort to find out what is actually causing the inflation in the current case. Like all Republicans in power, he can only seem to blame workers for whatever is going on. I am still so sad Biden chose to keep Powell on. Until he is gone, there will be no improvement in the Fed's ability to correctly manage its part of our economy. If we enter recession, I suppose it will be the fault of the workers, or women, or whatever group Republicans have in their sights at that moment.

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Congress needs to start helping individuals with low and fixed income,such as SSI and social security instead of just helping big corporations.

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This hike will only contribute to a recession. We need bold action such as a corporate windfall tax and enforcing existing anti trust legislation.

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President Biden needs to order a 90 day price freeze to help people through the summer months too.

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I think you are one of the smartest men in politics and finance. I am 91 and terminal . That is why a monthly only subscription paid by PayPal.

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Could it be that "the Fed" is in cahoots with big biz to set the stage for an overwhelming rejection of the Biden Administration by the voters in the next election?

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Robert, The Biden Administration should consult with you on these matters, since you have both tremendous experience and knowledge.

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We need to go back to something we had long time ago … price control.

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As an elderly, disabled woman who lives on a fixed income of Social Security, and who was on the verge of FINALLY GETTING DENTAL IMPLANTS after losing all my upper teeth -- but now won't be able to afford the monthly payments -- INSERT LOUD, ANGUISHED, ANGRY SCREAM HERE! What. Are. They. Thinking.???

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How I wish you were still in Federal office Robert. This is what happens when an elected Democratic Administration retains the leftover retrumplican dregs. Are there no decent pro-people economists?

Where or where is Keynes when we need him. (Yes, I know he's dead)

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Jun 15, 2022·edited Jun 15, 2022

Mr. Reich, I believe you are entirely correct in this analysis. I think that if corporations loosened their stranglehold on profit/prices/our economy, we would all benefit. We Americans have been spoiled by low food and gas prices, compared to Europe, but we also enjoy less in terms of salaries and benefits than do Europeans. Admittedly most European countries tax their populace highly, but the residents also enjoy health care and other benefits at fairly low cost, so their cost of living is much lower. In other words, vital services like medical care are not prohibitively expensive, and as far as I can tell, no one goes bankrupt over medical care in most European countries, unlike what can happen in these United States of America. I could be wrong, but I don't think so.

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Robert this chart is amazing! Why is the Fed on this path if it’s pushing us towards a recession? Is this some corporate cabal pulling strings. These are real peoples lives we’re talking about. There are so many bad things happening in the world right now and more issues ready to spring forth that it’s hard to stay positive.

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Huge mistake. The Feds have now opened the door to lower wages, lost jobs, higher unemployment rates, housing and retail meltdowns. Watch for it, it's just around the corner. They never learn.

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You're making an assumption that the Fed isn't trying to send the Country into a recession - reinforcing the GOP's misperception, that "Democrats are bad for business."

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Too bad a) Federal Reserve Board members are not elected like Congress, Senate, President etc. And b) too bad there is no way to influence board members in the case where a policy may be ill-conceived. Many others besides you and Janet Yellen know the Fed is leading us into a dark world.

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Why Biden keeps Republican appointments is a mystery to me. This rate increase, if it causes recession will make Biden look bad. Possibly, that is the plan.

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