Yesterday’s market plunge is extremely important to understand from a class, race and gender perspective, and here’s why:
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Analysts said the market tanked on “fears of rising wages.” In our current system, rising wages indicate inflation, so the Fed pulls back and raised rates to cool the economy....
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but that’s because the “inflation target” — the rate the Fed thinks is safe — is only 2%. Thanks to the work of activists like
@AdyBarkan Janet Yellen, who was predisposed to lean this way already, was considering raising the target number...Show this thread -
that’s so important because it would allow wages to grow without causing the market to tank and would push us toward full employment. At full employment bosses cannot indulge their racism and sexism because they need the worker more than the worker needs them. And wages rise.
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that’s so important because it would allow wages to grow without causing the market to tank and would push us toward full employment. At full employment bosses cannot indulge their racism and sexism because they need the worker more than the worker needs them. And wages rise.
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Ooooh noooooo! Not rising wages!
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