'Rampant corporate profiteering can't be solved by additional rate hikes,' said Groundwork's rakeen_mabud. 'The Fed's overly aggressive actions are shoving our economy to the brink of a devastating recession.'
1.5 million Americans to lose their jobs by the end of next year and undermines the bargaining power of labor is, according to Powell's estimation, acceptable if it tames inflation., including in front of House lawmakers last month, the blunt instrument of interest rate hikes leaves the underlying causes of supply shortages and profiteering unaddressed.
It is possible to curb skyrocketing prices without hurting workers by intentionally plunging the nation—and"The inflation crisis we're facing today is due to decades of deregulation and privatization—resulting in brittle supply chains that can't handle shifts in our economy without supply shortages and bottlenecks," Mabud recently told members of the House Committee on Oversight and Reform."A ruthless pursuit of efficiency and short-term profits...
"Giant corporations' control over our supply chains has supplanted the functioning, resilient system we could have built through robust public investment and free and fair competition," she continued."Big corporations are getting away with pushing up prices to fatten their profit margins, and families are quite literally paying the price. It's time to rein them in."
During the same hearing, former U.S. Labor Secretary Robert Reich urged Congress and the Biden administration to confront corporate profiteering directly through a windfall profits tax of the sortmonths ago by Sen. Bernie Sanders , stronger antitrust enforcement, and temporary price controls. In her Thursday statement, Mabud said,"Now that Fed officials are finally recognizing the role of profiteering, it's time for Chair Powell and the Fed to step aside and for Congress to step in."
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