The Federal Reserve has neglected its number two, but equally important mandate, the call for full employment, it’s only when we have full employment that wages can become competitive. Unfortunately until we get competitive with wages, we won’t have much impact on the waning middle class dilemma which is how to rebuild it and keep its intended momentum going, where each generation does better than the previous one. Therein lies the greatest tragedy, this current generaton will be hard pressed to figure out how to do better than their parents. We have much to answer for, we dropped the ball through greed, laziness and clear lack of foresight; in my opinion, we allowed the American Dream slip away from our fingers and we allowed the billionaires and multi-millionaires call the shots to our politicians instead of the other way around. I can give you one excellent example of this almost criminal fact with a simple question, who did the Federal Reserve help during the recovery? The answer is Wall Street because the Federal Reserve spent a lot of our taxpayer money putting Quantitative Easing 1,2,3,4 into motion and nothing in the works for Main Street. I would argue the best way to recover from economic recession is to focus on the economic well-being of Main Street. Until the Federal Reserve wakes up and does actual work to fix our true unemployment crisis, get our wages competitive again and begin rebuilding working class and middle class families, there should not even be a thought to increase interest rates, it would make more misery for the economic class that has suffered the most.
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