Robert - am totally on your side as to cause of the inflation. My question - why is the Fed so dogged in its pursuit of (falling real) wages and the workers as the cause of it. Blind to corporate profits - or on their side so that we need to obfuscate in order to achieve our ends of more corporate profits and to hell with the workers? Can they really be that ruthless? Of course, these days one that is an academic question. When will someone on the right realize that without consumers there will be no consumer economy. You can only squeeze inequality so hard or the whole house will fall down for lack of support. When the pitchfork and torches marches begin, it will be too late.
This is the most depressing news I have heard since TFG was “elected” and his idol invaded Ukraine. We just cannot catch a break. Personally, I struggle to survive; work full time and yet feel like the proverbial hamster running on that wheel getting nowhere fast. Downtrodden in Maryland.
Excellent summary of how all of us who are not members of the donor class are getting screwed. I'm a physician and today I just got news of a 5% pay cut. While the Fed is not an official branch of government, Biden could certainly use the bully pulpit to call out chairman Powell and his "pain" policies, but he rarely if ever speaks out against his real base. And when he does it's only in the interest of political expediency. Can you imagine what we would be hearing from a President Sanders right about now? But no, the neoliberal nightmare continues.
The Fed controls interest rates and the money supply (monetary policy), the legislature (congress) controls taxation (fiscal policy). The irony is while the Democrats would support higher corporate taxes the Republicans will market the lower corporate taxes as a godsend enabling the corporations to stimulate the economy and resume hiring following the Democrats recession. The Dems must get ahead of this resumption of Supply Side economic BS started by Reagan and demonstrate exactly how this engineered recession is designed specifically to hurt the working class, not the corporate and Wall Street class.
Keep beating that drum. I don’t think drastically rising energy prices are all about the attacks on Ukraine either. At least with lower gas prices we may be able to live in our cars.
Excellent article - oddly similar stuff is happening in the Uk with Truss administration.
Vast profits by fossil fuel companies - but still no serious windfall tax to pay for the soaring energy cost for the poor. Tax cuts for businesses in stead. Seems that governments of all Color’s are too fearful to challenge the economic order
Is Jerome Powell related to Lewis Powell? Maybe that is why he deliberately stays quiet when it comes to corporate profits. America is in trouble because politicians got in bed with the devil, their private campaign contributors, and now it is "Anything for the corporations and elites" because of their constant craving for their cash. Corrupt and pathetic. Where are the PATRIOTS of the U.S.?
You need or someone needs to send this column to the Fed folks.
Robert - am totally on your side as to cause of the inflation. My question - why is the Fed so dogged in its pursuit of (falling real) wages and the workers as the cause of it. Blind to corporate profits - or on their side so that we need to obfuscate in order to achieve our ends of more corporate profits and to hell with the workers? Can they really be that ruthless? Of course, these days one that is an academic question. When will someone on the right realize that without consumers there will be no consumer economy. You can only squeeze inequality so hard or the whole house will fall down for lack of support. When the pitchfork and torches marches begin, it will be too late.
This is the most depressing news I have heard since TFG was “elected” and his idol invaded Ukraine. We just cannot catch a break. Personally, I struggle to survive; work full time and yet feel like the proverbial hamster running on that wheel getting nowhere fast. Downtrodden in Maryland.
🌻
Excellent summary of how all of us who are not members of the donor class are getting screwed. I'm a physician and today I just got news of a 5% pay cut. While the Fed is not an official branch of government, Biden could certainly use the bully pulpit to call out chairman Powell and his "pain" policies, but he rarely if ever speaks out against his real base. And when he does it's only in the interest of political expediency. Can you imagine what we would be hearing from a President Sanders right about now? But no, the neoliberal nightmare continues.
It appears Congress is in the pockets of corporations
🎶 🎶
Where have all the profits gone,
All this entire year,
Where have all the profits gone,
Why need we fear?
Where have all the profits gone,
In the accounts o' investors, every one,
When will they ever care,
When will they .... ever....care...
And what's the most agonizing is that it's such ineffective policy. Like bleeding the patient when they aren't getting better.
The Fed controls interest rates and the money supply (monetary policy), the legislature (congress) controls taxation (fiscal policy). The irony is while the Democrats would support higher corporate taxes the Republicans will market the lower corporate taxes as a godsend enabling the corporations to stimulate the economy and resume hiring following the Democrats recession. The Dems must get ahead of this resumption of Supply Side economic BS started by Reagan and demonstrate exactly how this engineered recession is designed specifically to hurt the working class, not the corporate and Wall Street class.
As long as we have Citizens United, this inequity wiil be the American way of governance—and life or the taking thereof.
Keep beating that drum. I don’t think drastically rising energy prices are all about the attacks on Ukraine either. At least with lower gas prices we may be able to live in our cars.
Excellent article - oddly similar stuff is happening in the Uk with Truss administration.
Vast profits by fossil fuel companies - but still no serious windfall tax to pay for the soaring energy cost for the poor. Tax cuts for businesses in stead. Seems that governments of all Color’s are too fearful to challenge the economic order
Is Jerome Powell related to Lewis Powell? Maybe that is why he deliberately stays quiet when it comes to corporate profits. America is in trouble because politicians got in bed with the devil, their private campaign contributors, and now it is "Anything for the corporations and elites" because of their constant craving for their cash. Corrupt and pathetic. Where are the PATRIOTS of the U.S.?
It's nice to have multilple POVs, and you can always be counted on to offer the POV of the workers. Thank you.
Like those of us on fixed incomes.
Bob, you need to get back to Washington and show what’s right and what’s not right.
No one makes sense but you!
So how do we get the Fed or Biden administration to read this?