Robert ReichJan 8, 2023

Putting people out of work is the Fed’s means of reducing workers’ bargaining power and the “upward pressures on prices.”

But fighting inflation by putting people out of work is cruel, especially when America’s safety nets - including unemployment insurance - are in tatters.

Show threadWe Should Bury This
@rbreich I still don’t know how they’re reconciling this with overall hiring problems and ensuing supply chain issues. I’m not an economist by any means, but feels like they’re ignoring the effects of COVID killing a number of working age people, it making people retire early, and long Covid taking them out of the full time workforce on employment and instead applying old solutions/models to what is a novel problem.
Jan 8, 2023 at 11:02pmWeb