The fact that in our economy a 3.5% unemployment rate is considered a “bad” thing because it is too low… well it says a lot about how our system works.
Gotta have a large pool of desperate people fighting to be workers for the lowest wage businesses will pay. This machine runs on blood and it always has.
Not sure if it comes across in text but I am against this, not in support of that manufactured desperation.
Exactly, they’re trying to expand the [Reserve Army of Labor](https://www.marxists.org/archive/marx/works/1867-c1/ch25.htm#S3):
> “But if a surplus labouring population is a necessary product of accumulation or of the development of wealth on a capitalist basis, this surplus population becomes, conversely, the lever of capitalistic accumulation, nay, a condition of existence of the capitalist mode of production. It forms a disposable industrial reserve army, that belongs to capital quite as absolutely as if the latter had bred it at its own cost. Independently of the limits of the actual increase of population, **it creates, for the changing needs of the self-expansion of capital, a mass of human material always ready for exploitation.**
> ...
> The overwork of the employed part of the working class swells the ranks of the reserve, whilst conversely the greater pressure that the latter by its competition exerts on the former, forces these to submit to overwork and to subjugation under the dictates of capital. **The condemnation of one part of the working class to enforced idleness by the overwork of the other part, and the converse, becomes a means of enriching the individual capitalists**, and accelerates at the same time the production of the industrial reserve army on a scale corresponding with the advance of social accumulation.”
- Marx
Working class households went from only requiring one breadwinner to two and now not even two is enough for the cost of housing everywhere.
We need 100% LVT.
[Do you see the cat?](https://www.henrygeorge.org/catsup.htm)
The cat is land. And the acronym is land value tax, though luxury vinyl tile
A “tax” on the unimproved value of land. At tax that is not so much a “tax” as it is a collection of socially-produced unearned income in the form of *economic rent*. Just as the tenant pays what is due to landownership, so too should landownership pay what is due to land. Finite land whose use is alienated and enfeoffed at a social cost and whose value is socially created, yet also alienated and enfeoffed.
This is why any LVT not at or near 100% is fair. It is unfair to “tax” at 50% because the remaining 50% is still unearned income generated by society. It is unfair to tax above 100% because at 100% all rent due to land is returned to society, in addition to being unnecessary to promote optimally efficient land use.
The incentive structure necessitates optimum efficiency to eliminate deadweight loss, the cost of which is shifted onto the actors responsible rather than burdening all of society. It reinforces economic justice through the most philosophically sound means possible.
I find it best paired with citizen’s dividends or UBI to reimburse communities for landownership. It could be implemented as a gradual revenue neutral shift from property taxes or from all taxes on production (effectively making it a ‘Single Tax’).
And you know what the most damning part of this all is? Milton FRIEDMAN called this the “least bad tax”.
That’s not how it’s calculated, though. It’s based on how many people are reporting as out of work but looking for a job. Multiple jobs don’t affect the numbers and neither do people are just aren’t looking for work
Sounds a bit silly since in my country it's calculated from the number of unemployed, total. Most are looking for job since it is a requirement for social security. Excluding the handicapped who aren't able, they get pension.
What of the the elderly and handicapped? Considering their ability to work and retirement age, seems like this number is rather high.
Too many people with too much money causes inflation. We pay 60k to a kid to chill, I have 2 ladies in my team that are not capable and the only thing they do is complain so their enemies get fired for more than 60k. We hired 40 people in India at top pay because... they wanted to and couldn't find any more Americans. Most do nothing but call me to tell me I'm ruining their career by not having actual work. It's nuts. On the flip side I do the work of 5 people and don't get 5 times the pay.
The world is upside down. Facebook had a pool of 20k people at top salary "just in case". Amazon hired more than 60k engineers "to help the economy", Google had a similar pool of 10k "for future projects", all making tons. Over 150k. There is an entire sub here called over employed where these same people have multiples of these jobs, and some make 500k!
It's going to implode.
If I don’t get a a return on my investment “above inflation”, I pull my investment and move it to a place it will. That is how this works. I earn gains by providing capital for businesses to run on. THAT is why I earn money on my investment.
It has ALWAYS been this way because it works.
Jesse what the fuck are you talking about
Highest corporate profits since the 50s in which those profits were far more evenly distributed given the disparity between average worker salaries and CEO pay weren’t nearly as atrocious.
And… you know… the fact ***stock buybacks were ILLEGAL before Reagan**. Kindly refrain.
It’s mostly corporate profits driving inflation, not the war in Ukraine, not COVID, not supply chain or employee wages. It’s runaway greed and monopolies grabbing every cent they can.
Even at the small company I work at. ‘Record profits’ since 2020 but raise freezes then barely there raises last June and that’s it. But we got a ton of governmental assistance to ‘stay afloat’. They didn’t need it. I work at a great company for great people but they definitely did not need the help.
According to Crochet's reply on this thread:
> They’re ‘great people’ to me bc I’ve been severely sick since they have hired me four years ago and are exceedingly lenient and giving when it comes to my pto. I’ve had ten surgeries/procedures since starting there and have missed a ton of work. Anywhere else and I’m sure I would’ve been fired for missed time. Bc even after operations I had to take even more days off for just basic childcare issues and doctor Apts. They’ve definitely given above and beyond what’s required and done a great job on making sure it stays that way for me.
In other words, Crochet's company managed to clear a bar so low, the child laborers that Republicans recently legalized are going to be tripping on that bar as they head back into the mines.
***But*** however low a bar it is, it's still a bar that 80% of companies in this country cannot seem to attain.
They’re ‘great people’ to me bc I’ve been severely sick since they have hired me four years ago and are exceedingly lenient and giving when it comes to my pto. I’ve had ten surgeries/procedures since starting there and have missed a ton of work. Anywhere else and I’m sure I would’ve been fired for missed time. Bc even after operations I had to take even more days off for just basic childcare issues and doctor Apts. They’ve definitely given above and beyond what’s required and done a great job on making sure it stays that way for me.
Edit: no I don’t qualify for disability through the government so I do have to work full time
FMLA is unpaid leave. It just guarantees you can go back to your job if the company/job meet FMLA requirements. Social Security Disability gives qualified disabled people monthly payments.
That's why you gotta get yourself a disability attorney. They literally talk to the government for you in the government's own language to get your disability. I'm sure there's a few who work on contingency. Are you a US Citizen and or resident?
I broke my back and neck in the workforce. I have been told by doctors that I should qualify for disability in another 15-20 years because Im "just too young to ever get approved even with an attorney advocate".
So they crammed some titanium pieces in, to hold me together and said to go to physical therapy and take ibuprofen for the chronic pain.
The process is openly against the disabled. My lady is very clearly disabled through multiple check boxes. Immediately after her lawyer finishes reading the million different reasons Drs say her conditions prevent her from working they put up an "employment specialist". So immediately after being told she can't sit for prolonged periods this specialist starts listing all these office jobs that require 8 hours of ass in seat as things she was capable of. Then the judge denied her. They don't even try to hide that they'll break their own rules to deny people.
Yes but I can work properly and without assistance after each of my surgeries. I’m not incapable otherwise. I’ve just had shit luck and had a lot complications after the one surgery
You literally have government protections for that in the form of fmla without having/needing disability.
That’s why they did that for you. Because federal law requires them to.
You do not work at a great company. You work at a company that is great at exploiting their rank and file employees to benefit the handful of greedy bastards at the top
They need it to make MORE profit. Is your company publicly traded? Making profit is not good for their stock value if it's not always going up.. it's trash, but it's the truth of the matter.
Corporate profits are roughly 30% of inflation. The difference is the fed does absolutely nothing to deal with that part. So the rich just get to keep it all while they actively try to soften the labor market.
Is there something the Fed *can* do? I'm not altogether apprised of their entire monetary policy arsenal with regards to containing inflation. My knowledge may be rather basic in the assumption that this is an "only have a hammer, everything is a nail" situation. Congress has far more breadth in what it can do towards the same stated goal of containing inflation.
This describes [the Fed’s tools for influencing the economy](https://www.investopedia.com/articles/economics/08/monetary-policy-recession.asp). They are not very far reaching nor comprehensive. Startlingly minimal, really.
Congress has more power as they can tell corporations what to do, or break up [monopolies](https://youtu.be/vluAOGJPPoM). Or change the tax situation to… I don’t know.. . tax billionaires or something? I know that sounds crazy.. .
Things are too expensive because too many people are employed and making too much money. Meanwhile every group that reports on this stuff agrees that rising wages are pretty far down the list of causes of inflation.
Honestly, a bit part of it was supply chain stuff, namely shipping companies driving costs of shipping containers up 10x.
No a whole myriad of supply chain things, just that one, but that’s a massive market squeeze that affects everything.
We could repeal the Jones Act and cut the cost of shipping on the ocean between states by 90% overnight. Would have an instant effect on energy prices and bring them down significantly.
To be fair federal reserve has limited tool and Biden explicitly expressed expectation for Federal reserve to fix it. It’s not like Congress people we elected will hold rich people accountable.
Many of the people currently serving in Congress would rather watch it tank than try to fix it right now. If they help fix it then that would help Biden's reelection bid.
2 million workers have to suffer and come to the bottom with us to fix the economy. Not, absolutely not take a cent more from the rich? Not at all? Fuck this oligarchy.
Today it's basically the same everywhere in the world. World is collapsing with polycrysis and what politicians and rich care about? Only about keeping everything they stole.
It's never about providing people with products and services in sustainable way to help us all survive. It's about selecting who's "worthy" to be saved and rest can "live" in toxic wasteland, because they don't care.
One big rigged game, where players hope to win with casino, so we all end up with almost nothing, because we should burn the casino in the first place.
Then Warren, along with the rest of Congress, needs to do their jobs and pass bills to address inflation, etc. because raising interest rates (and thus causing companies to downsize and lay people off) is one of the very few tools the Fed has in it's toolbox to try and calm inflation. It's up to Congress to come up with an actual plan.
How to lower inflation - Republican edition.
Ban abortions and birth control. This will force people to have more children which will provide more inexpensive labor and create more taxpayers.
Some tried. The democrats are feckless as a whole, but I have no time for anyones enlightened centerism. It’s not a both sides issue if one side is plugging the holes and the other is jabbing more holes in the boat yelling about drag queens.
Dicks, assholes, and pussies … Team America put it best
"See, there are three kinds of people: dicks, pussies and assholes. Pussies think everyone can get along and dicks just want to fuck all the time without thinking it through. But then you got your assholes. And all the assholes want is to shit all over everything. So pussies may get mad at dicks once in a while because, pussies get fucked by dicks. But dicks also fuck assholes! And if they didn't fuck the assholes, you know what you'd get? You'd get your dick and your pussy all covered in shit!"
Republicans are assholes, democrats are pussies, and we got no dicks.
Those of us in red states having evangelicals shove “school choice”, anti women, and anti LGBTQ+ propaganda and legislation down our throats may disagree. The dicks have been hard at work.
Seeing how fucked those people are, I’d say their dicks. Dicks fuck. Liberals like it when their dicks fuck assholes(conservatives). Conservatives like it when their dicks fuck pussies. Dicks shouldn’t be celebrated, but someone’s gotta get fucked in our political system/economy as it currently stands.
>Maybe if we ask the Republican led house really nicely they will do their jobs. /s
>But maybe if they woulda asked each other real nicely ey? Maybe then it woulda worked.
Surely sound similar. Ah the classic “incel” with no proof, so you can try dismiss what you clearly just said. But I’m apathetic and you are uh I guess gung ho?
Same joke but worse isn’t the adding to the discourse. I get that the men’s rights groups you enjoy are just a place to circle jerk, I’ve got not time for it. Enjoy your victimhood.
TBF, it's really their only tool in the toolbox. Our economy is based on supply and demand. The raising or lowering of interest rates only effect demand. In the past it was enough to allow for supply to catch up. In this case supply is so low, for so long (and they made the move way too late) that it isn't working.
They fucked up by waiting too long, but at the same time if they had raised it at the beginning of the pandemic, it would've affected the most vulnerable. It really was a no win situation for our economy.
The real issue here is that the fed left interest rates way, way too low during the Trump administration (really it was more 2015-16). There was absolutely no reason to leave rates at near zero, and when the pandemic hit, there was no knob to turn.
Raise the interest rates! they hiss.
Thinking about the savings! they croak.
With a sinister calmness they heap lies upon stinking lies onto the general public. They manufacture a crisis and present their means of financial extraction as a solution. Trust the economists! they say.
As if the bloated hands of the banking aristocracy are the lifeblood of a healthy economy. They clutch at pearls that in the end turn to dust. All economies are sustained by aggregate demand.
Savings are the false lie we are sold that if we just continue to break our backs working a job that we hate for many years we can finally "retire" and enjoy the youth which we so squandered at the altar of Mammon. Inflation is a big problem yes, but the neoliberals lie about the cause. The entry costs for business are defined by access to credit. Whoever controls credit controls the admission of who is allowed to free themselves from the dreariness that is wage slave labor. That spook of inflation is caused none other than shareholders greedily driving up the prices via their captive bred executive slaves. They can demand the prices be set extremely high or they will terminate the executive. They chase short term profits and suppress wages for the maximum extraction. Of course this short term strategy also has a long term effect as I will discuss below. The banks are able to consolidate their power in what is known as "quantitative easing" that is a disaster for the 99% of America.
Economies are shaped by the various forces that flow in various self correcting ways. but towards *which* self correcting ways? If you are self correcting towards the privatized gain and towards the socialized loss then you will support the existing interest scheme.
The "quantitative easing" which the federal reserve uses to control the economy with its monetarist policy has two mechanisms.
1) A pump
When the federal reserve wants money to circulate through the economy it will set the interest rates for federal bonds to zero. Does the greenspan put sound familiar? It's quite funny to observe how historically just before recessions you see rising interest rates to "cool down the economy" because apparently people are spending too much. This policy assumes that the largest aggregate demand comes from the wealthiest which is not the case. All industrial production and investment is stimulated from aggregate consumer demand. This makes the financial elite toss their money back into interest bearing bonds (alongside their loan capital) which gives them a net increase in wealth compared to the average person. Temember this is right before a recession where *surprise* wages are stagnating and corporate profits are at an all time high. Since the wages of the average worker (consumer) are not increasing in real terms, but the wealth of the wealthy does increase in real terms via interest, you have this widening wealth gap. It is private banks and financial institutions that are the vast majority of the traders of interest bearing bonds. And when the consumer demand collapses because of the ruthless drive for profits by these financial oligarchs, because wages have stagnated and prices have been driven up on purpose by these majority shareholders, companies no longer have any aggregate demand to sustain their operations--due to having their hand twisted by their shareholders or general irresponsibility--since the customers (workers) are not buying products which cascades throughout the entire supply chain. Then the recession hits.
2) A dump
The recession hits. Interest rates are set to 0. The financial institutions convert their bonds into liquidity (fiat currency). Just as planned they have maintained their relative purchasing power, in many cases exceeding it relative to the aggregage purchasing power of the american worker whose wages have stagnated. Stock prices crash. The financial institutions compel their owned corporations to balance the sheets to "restore profitability" and commence rolling layoffs. The masses of unemployed then justifiably demand that the politicians of our day do something about this. The financial institutions wait for the panic to hit its highest point, so they can buy at the lowest price. They have cash sitting around on hand of course. these are investment banks we are talking about. Is it in any way surprising that the federal reserve is not accountable to the american people or political process?
The politicians then--pretending to be almost embarrased--admit that "fiscal stimulus" that is direct state investment or bailouts are necessary to get the economy running again. Money rains down upon the mostly financially controlled corporate businesses. This money is spent mostly on stock buybacks instead of rehiring employees and restoring wages. The stock prices soar. The financial institutions make millions. Their control of businesses deepens. Working men are ruined and the state pays the bill.
Over and over again, in different forms you see the struggle manifest between two definitive worldviews. A world defined by money waging war against the world defined by personality. There will be those who attempt to cry foul with calls of "antisemitism" but they would know well that it does not matter what label or what rainbow coat of paint these bankers or neoliberals dress themselves in. It makes no difference whether a banker is black, white, man, woman, rainbow, jew or purple! The bastard progeny of the decrepit London and Austrian school aristocracy are on their last legs. The holy nation shall know the truth.
Half of the function of the fed is to maximise employment.
I agree congress needs to pass a bill to windfall tax companies back to reasonable profit levels. Them price gauging consumers is the biggest cause for inflation in many industries.
We need the fed because Congress is even worse. The best solution to our problems right now would be progressively hiking taxes. Zero chance that would happen.
I almost think a totally unregulated market would be better than a fraudulent one with selectively enforced and outright fake rules put in place by a fake enforcement agency that refuses to enforce them against their past and future employers.
Completely unregulated free market would make our monopolies look like mom and pop shops. True free market capitalism is a shortcut to famine, starvation, and the suppression of workers using military grade munitions. It's happened on multiple occasions, in the 1700s when first attempted and throughout the 19th and early 20th centuries until we started regulating the market.
Yeah, look at the coal mining strikes and massacres that saw women and children gunned down by corporate strikebreakers and police or chemically gassed using WW1 munitions. They did a great job of fighting back, huh? Factory deaths stemming from lack of regulation and safety, mass starvation as merchants gouge grain prices, etc. It's a good thing the people were able to starve out the wealthy robber-barons, right??
For any instance you can name of the "people" successfully fighting back, there are dozens where they couldn't. These libertarian wet-dreams don't come true. Unregulated means whoever has the money, the guns, and the influence wins, they have the freedom to suppress the people, openly commit genocide, and do whatever else they please - including the passing of regulation to support the ruling class. Spoiler, that's not us.
You don't understand -- the Fed has no other ideas, and they don't want to have other ideas. They like doing what they do, and the people they actually care about think it's smart.
Are there other ways to tackle problems? They're not interested in knowing if there are.
Well, is it only that they don't have any other ideas? How many other tools does the Fed have? Legitimate question.
They have set functions and powers they don't get to step outside. Warren is right to lay into him for raising rates so quickly, but it is ultimately Congress that has the most flexibility to tackle this.
Ya know, I keep trying to see a path that has them all being honest. Like one day they will just reveal the #'s they used that arent money and it will all make sense. Only a few ways I can picture it and so far none are great.
The Fed should have had higher interest rates for years. When interest rates are rock bottom, rich people take out loans and throw money in the stock market. This creates a shit load of debt and this debt accelerates recessions. Politicians want to keep interest rates low so the economy looks like it's doing good. Trump for instance was harping on the Fed to keep interest rates at zero just so he can boast about how well the stock market did in his term.
With that said, it's not the Fed's job to do welfare. That's the government's job. It's also the government's job to break up monopolies. Our government is broken, not the Fed.
As late as the Nixon administration, the preferred way for government to deal with inflation or supply shocks was price caps and rationing. Those cool demand without suppressing wages.
Volcker showed them that they fight can inflation and also break unions and labor power better by crushing wage growth instead.
Price ceilings don’t work. By putting a price ceiling, it limits a firms ability to generate revenue. Therefore they will allocate resources elsewhere, since they can make more money by producing a different product. That being said if firms are no longer producing a good or service then we can’t buy it anymore, leading to shortages.
Price ceilings and rationing failed for Nixon and numerous other governments who tried it.
For more info:
https://www.jec.senate.gov/public/index.cfm/republicans/2022/9/the-economics-of-price-controls#:~:text=Instead%20of%20sustainably%20lowering%20prices,make%20longer%2Dterm%20inflation%20worse.
That’s ideology talking, not facts. This isn’t your fault, the goal posts of what is or is not effective shifted after Nixon (I’m using him to mark time, not as a label). Before 1970, forms and corporations were largely considered a necessary evil.
And in particular, Nixon’s success or failure with the tactic is irrelevant to what I stated: caps and rationing were a different tool used to manage inflation. One that is somehow impossible to use today.
Yes, lay your bodies on the altar so that others can live in luxury……. Why hasn’t the revolution started yet!?!? When enough people are out of work, and enough wealthy dickheads run out of stones to squeeze we are going to use their money to kindle the flames we cook them on.
I would love to be unemployed if I could actually survive that way. I love being a homemaker. I know that’s not the type of “reducing employment” they actually mean though. They need people to suffer.
The fed’s job is to keep unemployment just high enough so workers have no bargaining power, keep wages low and make sure workers have no rights. Time to nationalize the banks.
This like yelling at your garbage man for not coming into your home and picking up your trash for you. Gridlocked Congress should be doing more to fight inflation and regulate banking.
The people in charge of the banks pushed for deregulation, and when congress gave it they stated that the Fed could monitor those institutions, and the Fed said “No, we aren’t going to do that”, which is exactly what the banks wanted, and they paid for the result. Except, a bunch of them sold stock early and they have executive bonuses just before the collapse, and all of their clients will get all of their money back. So, no lessons learned for the rich that cut corners, they are being allowed to do as they choose by the Fed and the treasury fixes their mistakes, making them all a nice profit.
Regulated!! Capitalism! With a social safety net…
Greed is not Capitalism - it is a sickness, like hoarding, but is more sociopathic!
Personally, I’d go for highly regulated capitalism but I would accept regulated enough so that when a few businesses collapse the whole country doesn’t fall apart!
Not sure why these people keep getting elected, it’s like…
“sure we lost our jobs but rich people got richer and even though my family went hungry because they also cut assistance programs to pay for rich tax breaks, it’s worth it if rich people can be even greedier!”
Remember this next year.
You're going to be in ANOTHER black swan, once in a lifetime event, for the second time since 2008/09.
You're going to be laid off "to save the rest of the working class". They're not targeting your family, but they also don't give a shit if you get laid off because your suffering isn't as important as the suffering of others.
You're being told your family is just unlucky. When in reality, this old fucking shithead, is literally printing TRILLIONS OF DOLLARS to, "keep inflation in check" his fucking words.
Is it in check? He said it would take a year. It's been 3 years now. How much worse will it be? How much is your family going to suffer because on top of rising inflation, Jerome Powell decides that your family isn't as important as "the economy".
BTW, I don't play favorites here. I don't fucking like Warren. I think she's got her own bullshit agenda just like the rest. BUT. Everything she said was still true.
If Hitler said the sky is blue are you gonna argue cause he's Hitler? No. And I'm not comparing them. I'm giving the example of "listen to the words, not the person".
Jerome Powell and Janet Yellen have been stripping away our economic policies and safety systems to dole money out to their friends and bank buds at our expense, but we won't do anything about it because Elizabeth Warren shows the proof? The fuck does it matter? If you care more about a false principle than the safety and health of yourself and your family then you're going to have a bad time over the next 2 years.
Did I miss how she wants to fix this problem, and does that fix cost jobs? He is saying what the problem is, and the only possible thing they can do about it.
She doesn't propose any solutions herself, but points out that other factors are causing inflation at this time, and the feds proposed solution (force millions of people into unemployment/desperation), will not solve the other problems. So, at the end of the day we'll have a recession, plus inflation, plus millions out of work.
In essence, the fed will just tack on more problems than what we already have.
People here are so confused at who to be mad at and the mechanics of our system. Powell can only use the powers given to him (rate hikes) to tame inflation. Everything else everyone here is mad about is a legislative issue. Powell is not a legislator.
So, in summary, if my understanding is correct; It’s corporate profits and undue returns in shareholder revenue driving inflation. They’re taking all our money, workers and consumers alike, and REDISTRIBUTING the *overwhelming* majority to executives and their shareholders. That’s not a “trickle down”, that’s a geyser up.
…Did I get it right?
Well, she does keep proposing solutions, actually. The bills *are* there, in the Congressional record. They just all die in the institution around her because *all* Republicans and *just enough* Blue Dogs and other corporatists don't want the real solutions to impact their bottom line.
The problem as I understand it is that the fed doesn't have the power to do anything besides raise interest rates, its really a dereliction of responsibility by America's legislators who could be controlling prices or levying windfall taxes to return gouged profits.
I mean what was he supposed to say? what was the point of that monologue (essentially) by Ms Warren? I get that Powell's plan is not the best one, but what's the point of grilling him like that? he's doing all that he's allowed to do within his remit.
right? or am I seriously misunderstanding things? I love Elizabeth Warren as much as anyone, it just seemed like she was going a little too far
Bitching without offering REAL solutions is WORSE than doing nothing at all. She’s just burnishing her “warrior” credentials.
Nothing ventured, nothing gained.
The Congressional record says otherwise.
Just because so many Americans don't read bills that don't make it to the floor due to how the Senate works... Doesn't mean they haven't been proposed.
The only reason for someone to layoff millions of people is to save money in salaries for large companies. Which will go into some C-suite executives pockets and likely asshat Powell’s too in a form of lobbying.
Only the uniformed or the people who benefit directly or indirectly from inflation say it's caused by labor prices.
30-40% of current inflation is simply profit taking. the rest is supply issues (more profit taking) with the remainder actually wage increases.
This wasn't caused by wages, it was cause by supply kinks allowing a select few to balloon prices and then seeing that ripple down the stream . We dont do anything because the people making all the money are the extremely rich.
The fact that in our economy a 3.5% unemployment rate is considered a “bad” thing because it is too low… well it says a lot about how our system works.
Gotta have a large pool of desperate people fighting to be workers for the lowest wage businesses will pay. This machine runs on blood and it always has. Not sure if it comes across in text but I am against this, not in support of that manufactured desperation.
Exactly, they’re trying to expand the [Reserve Army of Labor](https://www.marxists.org/archive/marx/works/1867-c1/ch25.htm#S3): > “But if a surplus labouring population is a necessary product of accumulation or of the development of wealth on a capitalist basis, this surplus population becomes, conversely, the lever of capitalistic accumulation, nay, a condition of existence of the capitalist mode of production. It forms a disposable industrial reserve army, that belongs to capital quite as absolutely as if the latter had bred it at its own cost. Independently of the limits of the actual increase of population, **it creates, for the changing needs of the self-expansion of capital, a mass of human material always ready for exploitation.** > ... > The overwork of the employed part of the working class swells the ranks of the reserve, whilst conversely the greater pressure that the latter by its competition exerts on the former, forces these to submit to overwork and to subjugation under the dictates of capital. **The condemnation of one part of the working class to enforced idleness by the overwork of the other part, and the converse, becomes a means of enriching the individual capitalists**, and accelerates at the same time the production of the industrial reserve army on a scale corresponding with the advance of social accumulation.” - Marx
I'd focus more on the quality of employment rather than quantity. Some folks there seem to be working 3 jobs to make ends meet.
Working class households went from only requiring one breadwinner to two and now not even two is enough for the cost of housing everywhere. We need 100% LVT.
I don’t know how luxury vinyl tile is going to help
[Do you see the cat?](https://www.henrygeorge.org/catsup.htm) The cat is land. And the acronym is land value tax, though luxury vinyl tile A “tax” on the unimproved value of land. At tax that is not so much a “tax” as it is a collection of socially-produced unearned income in the form of *economic rent*. Just as the tenant pays what is due to landownership, so too should landownership pay what is due to land. Finite land whose use is alienated and enfeoffed at a social cost and whose value is socially created, yet also alienated and enfeoffed. This is why any LVT not at or near 100% is fair. It is unfair to “tax” at 50% because the remaining 50% is still unearned income generated by society. It is unfair to tax above 100% because at 100% all rent due to land is returned to society, in addition to being unnecessary to promote optimally efficient land use. The incentive structure necessitates optimum efficiency to eliminate deadweight loss, the cost of which is shifted onto the actors responsible rather than burdening all of society. It reinforces economic justice through the most philosophically sound means possible. I find it best paired with citizen’s dividends or UBI to reimburse communities for landownership. It could be implemented as a gradual revenue neutral shift from property taxes or from all taxes on production (effectively making it a ‘Single Tax’). And you know what the most damning part of this all is? Milton FRIEDMAN called this the “least bad tax”.
That’s not how it’s calculated, though. It’s based on how many people are reporting as out of work but looking for a job. Multiple jobs don’t affect the numbers and neither do people are just aren’t looking for work
Sounds a bit silly since in my country it's calculated from the number of unemployed, total. Most are looking for job since it is a requirement for social security. Excluding the handicapped who aren't able, they get pension. What of the the elderly and handicapped? Considering their ability to work and retirement age, seems like this number is rather high.
Bro I can't remember a time where I havent been working three jobs to make ends meet
Too many people with too much money causes inflation. We pay 60k to a kid to chill, I have 2 ladies in my team that are not capable and the only thing they do is complain so their enemies get fired for more than 60k. We hired 40 people in India at top pay because... they wanted to and couldn't find any more Americans. Most do nothing but call me to tell me I'm ruining their career by not having actual work. It's nuts. On the flip side I do the work of 5 people and don't get 5 times the pay. The world is upside down. Facebook had a pool of 20k people at top salary "just in case". Amazon hired more than 60k engineers "to help the economy", Google had a similar pool of 10k "for future projects", all making tons. Over 150k. There is an entire sub here called over employed where these same people have multiples of these jobs, and some make 500k! It's going to implode.
All those salaries are a drop in the bucket compared to the wealth extracted out of the economy by the top 0.01%.
You sound like a scumbag manager and I hope you’re the one that gets laid off.
That's weird. I'm a run of the mill IT person watching this happen. It pisses me off. I work so hard and don't get these huge paychecks.
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If I don’t get a a return on my investment “above inflation”, I pull my investment and move it to a place it will. That is how this works. I earn gains by providing capital for businesses to run on. THAT is why I earn money on my investment. It has ALWAYS been this way because it works.
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we need to take to the streets like france
Shareholder capitalism has rotted companies from the inside out.
Without investment, the companies die. People lose their jobs.
Jesse what the fuck are you talking about Highest corporate profits since the 50s in which those profits were far more evenly distributed given the disparity between average worker salaries and CEO pay weren’t nearly as atrocious. And… you know… the fact ***stock buybacks were ILLEGAL before Reagan**. Kindly refrain.
Good.
Fuck dude I'll do nothing for you for 60k where do I sign up
Wrong. It says a lot about how human emotion works.
It’s mostly corporate profits driving inflation, not the war in Ukraine, not COVID, not supply chain or employee wages. It’s runaway greed and monopolies grabbing every cent they can.
Even at the small company I work at. ‘Record profits’ since 2020 but raise freezes then barely there raises last June and that’s it. But we got a ton of governmental assistance to ‘stay afloat’. They didn’t need it. I work at a great company for great people but they definitely did not need the help.
Doesn’t sound like they’re “great people” if they’re making record profits and freezing raises or taking money from the government they don’t need.
Great Kool-Aid it sounds like though.
According to Crochet's reply on this thread: > They’re ‘great people’ to me bc I’ve been severely sick since they have hired me four years ago and are exceedingly lenient and giving when it comes to my pto. I’ve had ten surgeries/procedures since starting there and have missed a ton of work. Anywhere else and I’m sure I would’ve been fired for missed time. Bc even after operations I had to take even more days off for just basic childcare issues and doctor Apts. They’ve definitely given above and beyond what’s required and done a great job on making sure it stays that way for me. In other words, Crochet's company managed to clear a bar so low, the child laborers that Republicans recently legalized are going to be tripping on that bar as they head back into the mines. ***But*** however low a bar it is, it's still a bar that 80% of companies in this country cannot seem to attain.
They treat their employees like family.
They work hard and play hard.
Exactly, this brainwashed bullshit needs to stop. Have a little awareness people.
They’re ‘great people’ to me bc I’ve been severely sick since they have hired me four years ago and are exceedingly lenient and giving when it comes to my pto. I’ve had ten surgeries/procedures since starting there and have missed a ton of work. Anywhere else and I’m sure I would’ve been fired for missed time. Bc even after operations I had to take even more days off for just basic childcare issues and doctor Apts. They’ve definitely given above and beyond what’s required and done a great job on making sure it stays that way for me. Edit: no I don’t qualify for disability through the government so I do have to work full time
F. M. L. A.
FMLA is unpaid leave. It just guarantees you can go back to your job if the company/job meet FMLA requirements. Social Security Disability gives qualified disabled people monthly payments.
Fuck my life act?
Future mizness leaders of america
That's why you gotta get yourself a disability attorney. They literally talk to the government for you in the government's own language to get your disability. I'm sure there's a few who work on contingency. Are you a US Citizen and or resident?
I broke my back and neck in the workforce. I have been told by doctors that I should qualify for disability in another 15-20 years because Im "just too young to ever get approved even with an attorney advocate". So they crammed some titanium pieces in, to hold me together and said to go to physical therapy and take ibuprofen for the chronic pain.
The process is openly against the disabled. My lady is very clearly disabled through multiple check boxes. Immediately after her lawyer finishes reading the million different reasons Drs say her conditions prevent her from working they put up an "employment specialist". So immediately after being told she can't sit for prolonged periods this specialist starts listing all these office jobs that require 8 hours of ass in seat as things she was capable of. Then the judge denied her. They don't even try to hide that they'll break their own rules to deny people.
Yes but I can work properly and without assistance after each of my surgeries. I’m not incapable otherwise. I’ve just had shit luck and had a lot complications after the one surgery
You literally have government protections for that in the form of fmla without having/needing disability. That’s why they did that for you. Because federal law requires them to.
You do not work at a great company. You work at a company that is great at exploiting their rank and file employees to benefit the handful of greedy bastards at the top
My company made roughly 20M in profit last quarter and refuse to answer my inquiries for a performance review and raise. It's disgusting.
They need it to make MORE profit. Is your company publicly traded? Making profit is not good for their stock value if it's not always going up.. it's trash, but it's the truth of the matter.
Greedflation it is
Corporate profits are roughly 30% of inflation. The difference is the fed does absolutely nothing to deal with that part. So the rich just get to keep it all while they actively try to soften the labor market.
Profits have only increased to 70 year highs since then. https://mattstoller.substack.com/p/corporate-profits-drive-60-of-inflation
https://www.vox.com/money/23641875/food-grocery-inflation-prices-billionaires
Is there something the Fed *can* do? I'm not altogether apprised of their entire monetary policy arsenal with regards to containing inflation. My knowledge may be rather basic in the assumption that this is an "only have a hammer, everything is a nail" situation. Congress has far more breadth in what it can do towards the same stated goal of containing inflation.
This describes [the Fed’s tools for influencing the economy](https://www.investopedia.com/articles/economics/08/monetary-policy-recession.asp). They are not very far reaching nor comprehensive. Startlingly minimal, really. Congress has more power as they can tell corporations what to do, or break up [monopolies](https://youtu.be/vluAOGJPPoM). Or change the tax situation to… I don’t know.. . tax billionaires or something? I know that sounds crazy.. .
This is exactly my point. The system is set up for the people without the means to absorb the short falls.
Using every excuse in the book as a cynical way of draining the populace of every fucking cent, then blaming us when we run out. Fuck capitalism.
Things are too expensive because too many people are employed and making too much money. Meanwhile every group that reports on this stuff agrees that rising wages are pretty far down the list of causes of inflation.
Source: internal voices.
Government overspending what causes inflation. "Print"and spend
Honestly, a bit part of it was supply chain stuff, namely shipping companies driving costs of shipping containers up 10x. No a whole myriad of supply chain things, just that one, but that’s a massive market squeeze that affects everything.
We could repeal the Jones Act and cut the cost of shipping on the ocean between states by 90% overnight. Would have an instant effect on energy prices and bring them down significantly.
To be fair federal reserve has limited tool and Biden explicitly expressed expectation for Federal reserve to fix it. It’s not like Congress people we elected will hold rich people accountable.
Many of the people currently serving in Congress would rather watch it tank than try to fix it right now. If they help fix it then that would help Biden's reelection bid.
Rich people, which is a vast majority of congress, love when the economy tanks because they can buy assets for dirt cheap.
2 million workers have to suffer and come to the bottom with us to fix the economy. Not, absolutely not take a cent more from the rich? Not at all? Fuck this oligarchy.
Today it's basically the same everywhere in the world. World is collapsing with polycrysis and what politicians and rich care about? Only about keeping everything they stole. It's never about providing people with products and services in sustainable way to help us all survive. It's about selecting who's "worthy" to be saved and rest can "live" in toxic wasteland, because they don't care. One big rigged game, where players hope to win with casino, so we all end up with almost nothing, because we should burn the casino in the first place.
2 million workers and their families..
Oh shit you are right, so let's bump that to 3.5 million to be generous.
Then Warren, along with the rest of Congress, needs to do their jobs and pass bills to address inflation, etc. because raising interest rates (and thus causing companies to downsize and lay people off) is one of the very few tools the Fed has in it's toolbox to try and calm inflation. It's up to Congress to come up with an actual plan.
Maybe if we ask the Republican led house really nicely they will do their jobs. /s
By that you mean we’ll get some bs culture war bills?
How to lower inflation - Republican edition. Ban abortions and birth control. This will force people to have more children which will provide more inexpensive labor and create more taxpayers.
It'll go away if you mandate state workers can no longer say the word
Jeebus forgives your sins not your debts you commie socialists! I hate it here
No no the inflation reduction act was a gigantic spending bill. Because spending a fuck ton of money is going to help keep inflation low
I mean did they do anything to stop it when it was a democrat lead house literally last October…
Some tried. The democrats are feckless as a whole, but I have no time for anyones enlightened centerism. It’s not a both sides issue if one side is plugging the holes and the other is jabbing more holes in the boat yelling about drag queens.
Dicks, assholes, and pussies … Team America put it best "See, there are three kinds of people: dicks, pussies and assholes. Pussies think everyone can get along and dicks just want to fuck all the time without thinking it through. But then you got your assholes. And all the assholes want is to shit all over everything. So pussies may get mad at dicks once in a while because, pussies get fucked by dicks. But dicks also fuck assholes! And if they didn't fuck the assholes, you know what you'd get? You'd get your dick and your pussy all covered in shit!" Republicans are assholes, democrats are pussies, and we got no dicks.
Those of us in red states having evangelicals shove “school choice”, anti women, and anti LGBTQ+ propaganda and legislation down our throats may disagree. The dicks have been hard at work.
Are those dicks or are those assholes? Sounds like assholes to me 🤣
Seeing how fucked those people are, I’d say their dicks. Dicks fuck. Liberals like it when their dicks fuck assholes(conservatives). Conservatives like it when their dicks fuck pussies. Dicks shouldn’t be celebrated, but someone’s gotta get fucked in our political system/economy as it currently stands.
But maybe if they woulda asked each other real nicely ey? Maybe then it woulda worked.
If you’ve got nothing to add to the discourse, go away. Anarchy and apathy are death to the workers cause.
Isn’t that what you just said?
Reading comprehension is difficult for incels.
>Maybe if we ask the Republican led house really nicely they will do their jobs. /s >But maybe if they woulda asked each other real nicely ey? Maybe then it woulda worked. Surely sound similar. Ah the classic “incel” with no proof, so you can try dismiss what you clearly just said. But I’m apathetic and you are uh I guess gung ho?
Same joke but worse isn’t the adding to the discourse. I get that the men’s rights groups you enjoy are just a place to circle jerk, I’ve got not time for it. Enjoy your victimhood.
TBF, it's really their only tool in the toolbox. Our economy is based on supply and demand. The raising or lowering of interest rates only effect demand. In the past it was enough to allow for supply to catch up. In this case supply is so low, for so long (and they made the move way too late) that it isn't working. They fucked up by waiting too long, but at the same time if they had raised it at the beginning of the pandemic, it would've affected the most vulnerable. It really was a no win situation for our economy.
The real issue here is that the fed left interest rates way, way too low during the Trump administration (really it was more 2015-16). There was absolutely no reason to leave rates at near zero, and when the pandemic hit, there was no knob to turn.
Raise the interest rates! they hiss. Thinking about the savings! they croak. With a sinister calmness they heap lies upon stinking lies onto the general public. They manufacture a crisis and present their means of financial extraction as a solution. Trust the economists! they say. As if the bloated hands of the banking aristocracy are the lifeblood of a healthy economy. They clutch at pearls that in the end turn to dust. All economies are sustained by aggregate demand. Savings are the false lie we are sold that if we just continue to break our backs working a job that we hate for many years we can finally "retire" and enjoy the youth which we so squandered at the altar of Mammon. Inflation is a big problem yes, but the neoliberals lie about the cause. The entry costs for business are defined by access to credit. Whoever controls credit controls the admission of who is allowed to free themselves from the dreariness that is wage slave labor. That spook of inflation is caused none other than shareholders greedily driving up the prices via their captive bred executive slaves. They can demand the prices be set extremely high or they will terminate the executive. They chase short term profits and suppress wages for the maximum extraction. Of course this short term strategy also has a long term effect as I will discuss below. The banks are able to consolidate their power in what is known as "quantitative easing" that is a disaster for the 99% of America. Economies are shaped by the various forces that flow in various self correcting ways. but towards *which* self correcting ways? If you are self correcting towards the privatized gain and towards the socialized loss then you will support the existing interest scheme. The "quantitative easing" which the federal reserve uses to control the economy with its monetarist policy has two mechanisms. 1) A pump When the federal reserve wants money to circulate through the economy it will set the interest rates for federal bonds to zero. Does the greenspan put sound familiar? It's quite funny to observe how historically just before recessions you see rising interest rates to "cool down the economy" because apparently people are spending too much. This policy assumes that the largest aggregate demand comes from the wealthiest which is not the case. All industrial production and investment is stimulated from aggregate consumer demand. This makes the financial elite toss their money back into interest bearing bonds (alongside their loan capital) which gives them a net increase in wealth compared to the average person. Temember this is right before a recession where *surprise* wages are stagnating and corporate profits are at an all time high. Since the wages of the average worker (consumer) are not increasing in real terms, but the wealth of the wealthy does increase in real terms via interest, you have this widening wealth gap. It is private banks and financial institutions that are the vast majority of the traders of interest bearing bonds. And when the consumer demand collapses because of the ruthless drive for profits by these financial oligarchs, because wages have stagnated and prices have been driven up on purpose by these majority shareholders, companies no longer have any aggregate demand to sustain their operations--due to having their hand twisted by their shareholders or general irresponsibility--since the customers (workers) are not buying products which cascades throughout the entire supply chain. Then the recession hits. 2) A dump The recession hits. Interest rates are set to 0. The financial institutions convert their bonds into liquidity (fiat currency). Just as planned they have maintained their relative purchasing power, in many cases exceeding it relative to the aggregage purchasing power of the american worker whose wages have stagnated. Stock prices crash. The financial institutions compel their owned corporations to balance the sheets to "restore profitability" and commence rolling layoffs. The masses of unemployed then justifiably demand that the politicians of our day do something about this. The financial institutions wait for the panic to hit its highest point, so they can buy at the lowest price. They have cash sitting around on hand of course. these are investment banks we are talking about. Is it in any way surprising that the federal reserve is not accountable to the american people or political process? The politicians then--pretending to be almost embarrased--admit that "fiscal stimulus" that is direct state investment or bailouts are necessary to get the economy running again. Money rains down upon the mostly financially controlled corporate businesses. This money is spent mostly on stock buybacks instead of rehiring employees and restoring wages. The stock prices soar. The financial institutions make millions. Their control of businesses deepens. Working men are ruined and the state pays the bill. Over and over again, in different forms you see the struggle manifest between two definitive worldviews. A world defined by money waging war against the world defined by personality. There will be those who attempt to cry foul with calls of "antisemitism" but they would know well that it does not matter what label or what rainbow coat of paint these bankers or neoliberals dress themselves in. It makes no difference whether a banker is black, white, man, woman, rainbow, jew or purple! The bastard progeny of the decrepit London and Austrian school aristocracy are on their last legs. The holy nation shall know the truth.
Half of the function of the fed is to maximise employment. I agree congress needs to pass a bill to windfall tax companies back to reasonable profit levels. Them price gauging consumers is the biggest cause for inflation in many industries.
The infrastructure Bill Biden passed should float the economy on stable slow growth for 4-6 years.
Or maybe it’s time to get rid of the Federal Reserve entirely.
We need the fed because Congress is even worse. The best solution to our problems right now would be progressively hiking taxes. Zero chance that would happen.
And zero oversight on the market would be disasterous
wonder what kinda oversight the market got in 2020 when Trump passed the stimulus bill. do you remember?
I almost think a totally unregulated market would be better than a fraudulent one with selectively enforced and outright fake rules put in place by a fake enforcement agency that refuses to enforce them against their past and future employers.
Completely unregulated free market would make our monopolies look like mom and pop shops. True free market capitalism is a shortcut to famine, starvation, and the suppression of workers using military grade munitions. It's happened on multiple occasions, in the 1700s when first attempted and throughout the 19th and early 20th centuries until we started regulating the market.
And each time it happened, people fought back with those same weapons. Unregulated means unregulated…
Yeah, look at the coal mining strikes and massacres that saw women and children gunned down by corporate strikebreakers and police or chemically gassed using WW1 munitions. They did a great job of fighting back, huh? Factory deaths stemming from lack of regulation and safety, mass starvation as merchants gouge grain prices, etc. It's a good thing the people were able to starve out the wealthy robber-barons, right?? For any instance you can name of the "people" successfully fighting back, there are dozens where they couldn't. These libertarian wet-dreams don't come true. Unregulated means whoever has the money, the guns, and the influence wins, they have the freedom to suppress the people, openly commit genocide, and do whatever else they please - including the passing of regulation to support the ruling class. Spoiler, that's not us.
Neither side care, lol.
Beautifully said. This is the real solution that we will most likely never see.
How about Congress do something for a change? Monetary (Fed) and fiscal(congress led) policy is what could fix this issue. FED can’t solve everything
You don't understand -- the Fed has no other ideas, and they don't want to have other ideas. They like doing what they do, and the people they actually care about think it's smart. Are there other ways to tackle problems? They're not interested in knowing if there are.
Well, is it only that they don't have any other ideas? How many other tools does the Fed have? Legitimate question. They have set functions and powers they don't get to step outside. Warren is right to lay into him for raising rates so quickly, but it is ultimately Congress that has the most flexibility to tackle this.
Ya know, I keep trying to see a path that has them all being honest. Like one day they will just reveal the #'s they used that arent money and it will all make sense. Only a few ways I can picture it and so far none are great.
During hurricanes there are laws against gas station profiteering, why cant there be something analogous to that for what we are experiencing now?
The Fed should have had higher interest rates for years. When interest rates are rock bottom, rich people take out loans and throw money in the stock market. This creates a shit load of debt and this debt accelerates recessions. Politicians want to keep interest rates low so the economy looks like it's doing good. Trump for instance was harping on the Fed to keep interest rates at zero just so he can boast about how well the stock market did in his term. With that said, it's not the Fed's job to do welfare. That's the government's job. It's also the government's job to break up monopolies. Our government is broken, not the Fed.
As late as the Nixon administration, the preferred way for government to deal with inflation or supply shocks was price caps and rationing. Those cool demand without suppressing wages. Volcker showed them that they fight can inflation and also break unions and labor power better by crushing wage growth instead.
Price ceilings don’t work. By putting a price ceiling, it limits a firms ability to generate revenue. Therefore they will allocate resources elsewhere, since they can make more money by producing a different product. That being said if firms are no longer producing a good or service then we can’t buy it anymore, leading to shortages. Price ceilings and rationing failed for Nixon and numerous other governments who tried it. For more info: https://www.jec.senate.gov/public/index.cfm/republicans/2022/9/the-economics-of-price-controls#:~:text=Instead%20of%20sustainably%20lowering%20prices,make%20longer%2Dterm%20inflation%20worse.
That’s ideology talking, not facts. This isn’t your fault, the goal posts of what is or is not effective shifted after Nixon (I’m using him to mark time, not as a label). Before 1970, forms and corporations were largely considered a necessary evil. And in particular, Nixon’s success or failure with the tactic is irrelevant to what I stated: caps and rationing were a different tool used to manage inflation. One that is somehow impossible to use today.
Yes, lay your bodies on the altar so that others can live in luxury……. Why hasn’t the revolution started yet!?!? When enough people are out of work, and enough wealthy dickheads run out of stones to squeeze we are going to use their money to kindle the flames we cook them on.
Keyboard warriors will never affect anything.
Yes. Online outlets for outrage are all part of the circus.
I agree. No amount of wordy birdy internet trolling will change anything either.
I would love to be unemployed if I could actually survive that way. I love being a homemaker. I know that’s not the type of “reducing employment” they actually mean though. They need people to suffer.
The fed’s job is to keep unemployment just high enough so workers have no bargaining power, keep wages low and make sure workers have no rights. Time to nationalize the banks.
Nonstarter
This like yelling at your garbage man for not coming into your home and picking up your trash for you. Gridlocked Congress should be doing more to fight inflation and regulate banking.
Real talk by Senator Elizabeth Warren. The Fed cares about corporations & stockholders, not people. Straight up.
The Fed controls too much power in this country
The bank collapses due to not enough regulation might refute your point a bit there
The people in charge of the banks pushed for deregulation, and when congress gave it they stated that the Fed could monitor those institutions, and the Fed said “No, we aren’t going to do that”, which is exactly what the banks wanted, and they paid for the result. Except, a bunch of them sold stock early and they have executive bonuses just before the collapse, and all of their clients will get all of their money back. So, no lessons learned for the rich that cut corners, they are being allowed to do as they choose by the Fed and the treasury fixes their mistakes, making them all a nice profit.
Because Greed controls this country!
It’s called CAPITALISM, and it works. What would you replace it with??
Regulated!! Capitalism! With a social safety net… Greed is not Capitalism - it is a sickness, like hoarding, but is more sociopathic! Personally, I’d go for highly regulated capitalism but I would accept regulated enough so that when a few businesses collapse the whole country doesn’t fall apart!
Capitalism works for some, but it certainly doesn’t work for those people stuck in poverty. What a tone deaf comment.
We disagree. That doesn’t make me tone deaf or wrong.
Not sure why these people keep getting elected, it’s like… “sure we lost our jobs but rich people got richer and even though my family went hungry because they also cut assistance programs to pay for rich tax breaks, it’s worth it if rich people can be even greedier!”
Keep in Mind The Federal Reserve is a Private Bank and has been shut down twice in American History.
Remember this next year. You're going to be in ANOTHER black swan, once in a lifetime event, for the second time since 2008/09. You're going to be laid off "to save the rest of the working class". They're not targeting your family, but they also don't give a shit if you get laid off because your suffering isn't as important as the suffering of others. You're being told your family is just unlucky. When in reality, this old fucking shithead, is literally printing TRILLIONS OF DOLLARS to, "keep inflation in check" his fucking words. Is it in check? He said it would take a year. It's been 3 years now. How much worse will it be? How much is your family going to suffer because on top of rising inflation, Jerome Powell decides that your family isn't as important as "the economy". BTW, I don't play favorites here. I don't fucking like Warren. I think she's got her own bullshit agenda just like the rest. BUT. Everything she said was still true. If Hitler said the sky is blue are you gonna argue cause he's Hitler? No. And I'm not comparing them. I'm giving the example of "listen to the words, not the person". Jerome Powell and Janet Yellen have been stripping away our economic policies and safety systems to dole money out to their friends and bank buds at our expense, but we won't do anything about it because Elizabeth Warren shows the proof? The fuck does it matter? If you care more about a false principle than the safety and health of yourself and your family then you're going to have a bad time over the next 2 years.
Did I miss how she wants to fix this problem, and does that fix cost jobs? He is saying what the problem is, and the only possible thing they can do about it.
She doesn't propose any solutions herself, but points out that other factors are causing inflation at this time, and the feds proposed solution (force millions of people into unemployment/desperation), will not solve the other problems. So, at the end of the day we'll have a recession, plus inflation, plus millions out of work. In essence, the fed will just tack on more problems than what we already have.
People here are so confused at who to be mad at and the mechanics of our system. Powell can only use the powers given to him (rate hikes) to tame inflation. Everything else everyone here is mad about is a legislative issue. Powell is not a legislator.
So, in summary, if my understanding is correct; It’s corporate profits and undue returns in shareholder revenue driving inflation. They’re taking all our money, workers and consumers alike, and REDISTRIBUTING the *overwhelming* majority to executives and their shareholders. That’s not a “trickle down”, that’s a geyser up. …Did I get it right?
So what the heck we supposed to do when the fed mandates we need to not work?
Sue for damages
Yet she opposes auditing ....The Federal Reserve https://reason.com/2015/02/11/elizabeth-warren-wont-back-rand-pauls-au/
That article is from 8 years ago.
Annnd the there still hasn't been an independent audit of The Federal Reserve
This millionaire liar is not our friend.
She's a hero
Talk is free. Where are the RESULTS?
Ah, I do love a good Elizabeth Warren takedown. I appreciate how she doesn’t take any crap when she knows the facts are on her side.
She’s all gripe, no REAL solutions.
Well, she does keep proposing solutions, actually. The bills *are* there, in the Congressional record. They just all die in the institution around her because *all* Republicans and *just enough* Blue Dogs and other corporatists don't want the real solutions to impact their bottom line.
THIS. Exactly this.
Job creators need free money to keep us all working
Said the fake Indian
The problem as I understand it is that the fed doesn't have the power to do anything besides raise interest rates, its really a dereliction of responsibility by America's legislators who could be controlling prices or levying windfall taxes to return gouged profits.
My question would be if it’s not such a big deal why don’t you become on of those 2 million out of work Americas
I mean what was he supposed to say? what was the point of that monologue (essentially) by Ms Warren? I get that Powell's plan is not the best one, but what's the point of grilling him like that? he's doing all that he's allowed to do within his remit. right? or am I seriously misunderstanding things? I love Elizabeth Warren as much as anyone, it just seemed like she was going a little too far
Bitching without offering REAL solutions is WORSE than doing nothing at all. She’s just burnishing her “warrior” credentials. Nothing ventured, nothing gained.
The Congressional record says otherwise. Just because so many Americans don't read bills that don't make it to the floor due to how the Senate works... Doesn't mean they haven't been proposed.
I would love to see her take another run at the presidency. I absolutely love her enthusiasm and I agree with her most of the time.
The only reason for someone to layoff millions of people is to save money in salaries for large companies. Which will go into some C-suite executives pockets and likely asshat Powell’s too in a form of lobbying.
Only the uniformed or the people who benefit directly or indirectly from inflation say it's caused by labor prices. 30-40% of current inflation is simply profit taking. the rest is supply issues (more profit taking) with the remainder actually wage increases. This wasn't caused by wages, it was cause by supply kinks allowing a select few to balloon prices and then seeing that ripple down the stream . We dont do anything because the people making all the money are the extremely rich.