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Groundwork Collaborative Executive Director Lindsay Owens ahead of Tuesday's rate decision from the Federal Reserve.
Groundwork Collaborative released a new video featuring Chief Economist Dr. Rakeen Mabud, who explains how the Federal Reserve’s refusal to lower interest rates is keeping housing costs high and making it more costly and more difficult for people to buy or even rent a home. The video comes ahead of the Federal Open Market Committee meeting on April 30 and May 1, where the Fed will announce the path forward on interest rates in the coming months.
Groundwork Collaborative, a progressive economic research group that released a February report on grocery inflation, attributes the phenomenon not just to grocer greed but to food-supplier profiteering.
Lindsay Owens, executive director of the liberal Groundwork Collaborative in Washington, has been calling on the Fed to cut rates for months. But in an interview, she said she did not think Fed officials would bow to pressure from Mr. Biden or anyone else — and that Groundwork’s own private polling was not conclusive on whether voters would reward Mr. Biden for trying. “I have seen nothing in the last few years that suggests that any advocacy, from organizations like mine or from the president, will change Powell’s calculus,” Ms. Owens said.
You would think such blatant acts of corruption would be nipped in the bud once it became common knowledge, but unfortunately, it’s going to be a push from all of us to roll back several of these unfair practices. Bilal Baydoun is the Director of Policy and Research with the Groundwork Collaborative and he joined me to break down how these practices work, and what we can do to try and prevent these kinds of things from continuing to happen in the future.
According to a recent report by Groundwork Collaborative, “Corporate profits are driving more than half of inflation.” The prices we are paying are outpacing the cost to produce the goods, and corporate profits are outpacing inflation. We pay more. Corporate shareholders keep the difference.
Today at a Roosevelt Institute event, “Tax Policy as Competition Policy,” Sen. Elizabeth Warren (D-MA), on the topic of the Trump Tax Scam stated, “We are subsidizing corporate price gouging.”
Today, the U.S. House Financial Services Committee approved legislation that would repeal a rule by the Consumer Financial Protection Bureau to cap credit card late fees at $8.
Today, President Biden delivered a speech in Scranton, PA on the need for tax reform, stating, “Trickle-down economics failed the middle class – it failed America.”
"These days most Americans are thinking a lot more about high prices than they are about taxes. But the two things are actually connected," said Groundwork Collaborative executive director Lindsay Owens, pointing to a 2017 law that delivered massive tax breaks to corporations and the rich.