The Fed’s Austerity Program to Reduce Wages, by Michael Hudson

class warfare

Image by Hollywata via Flickr

by Michael Hudson
Writer, Dandelion Salad
June 20, 2022

To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.

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