Yesterday’s market plunge is extremely important to understand from a class, race and gender perspective, and here’s why:
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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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And on top of that, the fiscal stimulus from the corporate tax cuts and individual cuts (mostly for the wealthy) is going to push short term inflation higher and therefore even higher interest rates.
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So wages are going to stagnate and we're going to pay higher interest rates in order to finance tax cuts largely targeted to corporations and the wealthy.
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So great , so important!!
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Thank you for explaining this..this wasn't about the damn memo! Corporations dislike seeing wages rise. Their fake economy hates when the real one sees gains.
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