Jonathan HochbergFeb 7, 2023
Robert Reich

The Fed raised interest rates again. That’s the eighth consecutive hike. They say even more are coming.

This puts workers and consumers on the frontline of fighting inflation.

But corporations largely responsible for driving up prices get away scot-free.

It's outrageous.

Feb 7, 2023 at 2:03amWeb
Show threadpeter midoloFeb 7, 2023
@rbreich Same here in Australia - record company profits but stagnant wages.
Show threadTengrainFeb 7, 2023

@rbreich

Wait until the Fed figures out that a lot of people died from Covid, and that the Boomers are retiring at a rapid clip.

The employee shortage is not going to stop anytime soon.

The Fed (as you point out) is punishing the wrong people and for the wrong reason.

Show threadToxteth O'GradyFeb 7, 2023
@Tengrain @rbreich Well, there's that, plus the economy is creating 200,000 to 300,000 jobs a month, much to the chagrin of Jerome Powell...
Show threadJulesFeb 7, 2023
@rbreich $400 for my needs for two weeks. That is for me and my 3 pets. That is just groceries. I cannot imagine what a family of 4 is spending. Granted I did not clip coupons and I bought a few extras, but this used to cost maybe $150.
Show threadToxteth O'GradyFeb 7, 2023
@rbreich Maybe if we all start complaining that oil company profits are inflationary, someone will get the message...
Show threadSandyclausFeb 7, 2023
@rbreich they are making record profits so the system is working for them.
Show threadFrancis 🇾🇪 🏳️‍🌈 🏳️‍⚧️Feb 7, 2023
@rbreich in Britain they keep reviving the 1970 “wage price spiral” nonsense. The words are the wrong way round. No-one has had a wage rise.
Show threadFuzzy SoftFeb 7, 2023
@rbreich Greatest nation in the world...it's a travesty. Corporate America has every reason to be ashamed.
Show threadStrappo HughesFeb 7, 2023
@rbreich same sad old tale. The American people are so used to getting screwed, they mostly accept it.
Show threadhammerFeb 7, 2023
@rbreich yes it is
Show threadanubis2814Feb 7, 2023
@rbreich They've been given only two goals and two sets of tools. We need similar if this then that agency for a tax on the rich when the markets crash or inflation gets two high for quantitative tightening.
Show threadAmbularDFeb 7, 2023
@rbreich Interest rates for everybody except ordinary people with saving accounts, that is.
Show threadAugusteFeb 7, 2023
@rbreich Yes, That is the way it works. But not the only, among many ways. Corporations also transfer the external by-products of their decision-making to us every single day. These externalities have never, ever been chargeable to the companies which produce them, but only to those who consume the products which create them. This carries a far greater, (and fully tolerated) embedded cost to consumers than intermittent inflationary cycles. Yes. That is the way it works.
Show threadmarnieFeb 7, 2023
@rbreich same in UK 😳🏴󠁧󠁢󠁳󠁣󠁴󠁿
Show threadPeter BFeb 7, 2023
@rbreich it seems to me that the fed should be notching up the corporate tax rate, not the interest rate. Corporations would immediately back off on price gouging and inflation would disappear.
Show threadPhil AllsoppFeb 7, 2023
@rbreich Why doesn’t the Fed impose a sliding scale of interest rates - 3% for Individuals or corporations at the top of the revenues & profits ladder with loans and zero for individuals on fixed incomes?….tough to implement but its price-gouging by corporations and their CEOs that has been driving inflation, not people at the bottom rungs of the income ladder. Yet interest rate hikes for those on fixed incomes spells bankruptcy that big corporations & their CEOs will never confront.
Show threadrodgarciacorFeb 7, 2023
@rbreich yes it is outrageous, Professor, on top of that, those corporations are the one that finance politicians campaign that supports their interest … that is the corporate “virtuous cycle” ….
Show threadcostrikeFeb 7, 2023
@rbreich What if, and I'm spitballing here, the cruelty is the point?
Show threadMT NickersonFeb 7, 2023
@rbreich corporations get away with big piles of money.
Show threadPhilip LoringFeb 7, 2023
@rbreich the fed hikes aren’t about inflation at all, but about stomping out worker empowerment.
Show thread#SCIENCEMATTERSFeb 7, 2023
@rbreich how many times must we say "It's the corporate greed, stupid!"
Show threadAwdeoFeb 10, 2023
@rbreich
The more you have, the more you get!
Show threadjen.. ( she/her )Jul 12, 2023

@rbreich

Just got off the phone with student loan company. for 20 years the interest never changed. Parent-plus loan. 4.6%

just went on line to pay and saw the interest is now 8.56% . called the company. IT IS FROM THE CONGRESS.

I'm livid

Not only does the GOP majority Congress not let us have student loan forgiveness, we get our interest doubled.

#studentloans #StudentLoanInterest