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“The data is very clear at this point that we have supply shock-driven inflation which isn’t at all surprising given that we just had an unprecedented global pandemic event.”
"We have a fantastic labor market, we have rapid disinflation, and we have wages that are starting to pick up and keep pace with inflation again, and this massive wave of worker organizing and strikes and bargaining, and all of those are really great signs for American workers and families," said Kitty Richards, a former U.S. Treasury official and senior strategic adviser to the nonprofit Groundwork Collaborative.
“Astronomical corporate profits confirm what corporate executives have been telling us on earning calls over and over again: They’re making a lot of money by charging people more, and they don’t plan on bringing prices down anytime soon,” the Groundwork Collaborative’s chief economist Rakeen Mabud said.
“Looking back on this year, we can now dispense with the myth that the only way to bring down prices is by sticking it to workers with layoffs and pay freezes."
And the Department of Labor is encouraging new ways for workers to be heard in the data that informs businesses and policymakers — including by signing a Memorandum of Understanding to work with the Groundwork Collaborative as they develop a new data source, the Worker Sentiment Survey — to capture workers’ experiences of the labor market and in the workplace.
The public overwhelmingly opposes further cuts and favors more investment in critical non-defense discretionary (NDD) programs.
During a press briefing at 4 p.m. today, leading economic experts called on Chair Powell and the Fed to cut rates immediately to avert serious harm to workers and families.
“The time for rate cuts is now,” Lindsay Owens, executive director of the progressive Groundwork collaborative, said in a statement today.
By the numbers, economists say that data is supposed to be good news for the economy, but to Americans, it doesn’t exactly feel that way. And with just over a month from the first primary election of the 2024 season, we wanted to know what this economic news means for President Biden and Republicans who want to unseat him. To answer that question and more, we’re joined by Lindsay Owens, executive director of progressive economic think tank Groundwork Collaborative.
“Now that it’s abundantly clear we don’t need to throw people out of work to bring down prices, chair Powell should course correct and begin cutting rates before we suffer further damage to the housing market or continue to ice investments in the green transition,” said Lindsay Owens, executive director of the Groundwork Collaborative.