Truth Has No Place in the Attack of Inflation Hawks

The inflation hawks are operating under pressure from the wealthiest, who make their fortunes in the stock market, futures market and treasuries. They buy and sell in an entirely different economy from you or I. I think that the inflation doves are those, who are committed to seeing an improvement all around in our economic situation, and they haven’t forgotten that the Fed has two mandates, one for inflation and the other for full employment. We have been operating under less then full employment for over six years now and the majority in this country are still really hurting, jacking up interest rates would hurt them even more. Companies already aren’t hiring as they should and many of them are only hiring at the lowest possible wage, some companies are even engaging in wage theft, so it is brutal out there. Republicans in congress have staved off most bills offering even a glimpse of hope in terms of job creation, that came from either the Progressive Caucus, the Democrats in general or even President Obama. So what are workers to do? Corporations won’t take the lead on economic issues because it involves too much risk and they say there isn’t enough demand, workers can’t generate any demand on their own without decent paying jobs, which we aren’t seeing because corporations value sitting on hoards of cash in case of rainy days, and as always they retreat to the standard justification of fiduciary responsibility to shareholders. Robert Reich argued that we should be returning to the old notion of stake holders, when corporations shared a sense of responsibility and accountability towards their communities, before the notion of shareholder responsibilities took hold of the business world along with massive pay increases given to C.E.O’s tied to their company;s stock performance. That rise in shareholder value in conjunction with financial deregulation gave rise to the financial landscape that we are seeing today. If the Fed does increase interest rates, we will see economic pain on Main Street and quietly the .01% will be counting their increased winnings once again, smiling while you and I try to figure out how to stretch a dollar even further then before.
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