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TokenBoomer@lemmy.world

Progressives Fume as Fed Holds Working Class Hostage With High Interest Rates (www.commondreams.org)

submitted 3 months ago by TokenBoomer@lemmy.world to c/progressivepolitics@lemmy.world

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"The last thing Americans need right now is another threat to their wallets from the Fed," said one Democratic congressman.

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[–] ChapulinColorado@lemmy.world 3 points 3 months ago (1 children)

I don’t really care about high interest rates since it is not like I’m going to be buying a house anytime. If it means investors will move somewhere other than real state, they could be higher on f it helps bring homes back to being a place people use to live vs some corporate bullshit.

[–] TokenBoomer@lemmy.world 0 points 3 months ago* (last edited 3 months ago)

The wealthy will offset the high interest rates by raising prices and increasing unemployment:

"You know who is going to bear most of the pain of the Fed's policy?" former U.S. Treasury Secretary Robert Reich asked in a video posted to social media on Wednesday. "Not powerful corporations that are ratcheting up prices to pad their profit margins. Not corporate executives, not Wall Street, not the wealthy, and not the upper middle class."

"Most of the pain will be borne by lower-wage workers and the poor," Reich continued.