Senator Elizabeth Warren did not mince her words as she undressed Fed Chair for his blatant disregard for the American worker as he puts their jobs on the line.
Elizabeth Warren is on point.
I watch several minutes of the Federal Reserve Chair, Jerome Powell. He was discussing monetary policy and the economy with the Senate Banking Committee. While watching both Democratic and Republican Senators questioning the Chair, only Elizabeth Warren broke the undeserved praise and respect for a man that cared nothing about the middle class and poor America. She made him acknowledge the modus operandi of our economic system. It depends on having a certain percentage of people unemployed and suffering to ensure a stable economic system for the wealthy.
The Fed Chair is concerned about a stubborn 6%+ inflation rate. The strong employment market seems to concern him as well. A country with strong employment is a problem for the Fed, and our corporations, who want a heavy supply of unemployed workers from which to choose since, in a supply and demand world would accept pittances for wages.
Representative Katie Porter (D-CA) recently provided an analysis that proved most of our inflation was a result of corporate greed. They raised prices because they could. That is the definition of inflation. One would think the Fed Chair would advise Congress that if they did not want him to use the only draconian tool he has, raising interest rates, that they would create policies that stopped corporate attacks on those who put them into power. But he did not.
The purported worker shortage is a political choice. There are millions of immigrants who want to enter the United States for economic and political reasons and who are ready to work. Yet, many in our government use them as a political football that limits employment shortfall.
While corporate greed is responsible for more than half of the inflation picture, they are responsible for even more. Their incompetence and poor decision making is what we are all paying for now. They decided to offshore our manufacturing and at the same time create just-in-time-inventory, which means shortages occur whenever there is a shock in the system, like pandemics or natural disasters. They profit from those decisions, and they profit when their incompetence fails.
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