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.

@rbreich it’s like saying that if you ruin the population financially, sellers are forced to lowball their prices. Why not let purchasing power for increased wages stimulate greater production? It’s all relative. Bank tellers used to make $1.50/hour in the 1970’s. Bread was less than $0.25 a loaf, considered high. We paid people more, sellers produced more bread to meet increased demand, bread went up to $1 a loaf, and everybody was happy.