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“Today’s corporate profits data shows that there's plenty of room for prices to fall and wages to rise further, but only if corporations are forced to invest in production and pay their workers fairly instead of extracting record profits.”
“We applaud the Administration for using the power of government to rein in the pharmaceutical industry’s profiteering and begin building an economy where no one has to choose between life-saving medications and paying their rent."
On Monday, Sept. 11 at 1 p.m. ET, Groundwork Collaborative will host a virtual webinar, “Roaring Out of Recession: Lessons on How to Rescue our Economy from Disaster,” to understand why our economy roared back after the COVID recession – in stark contrast to the unequal and slow recovery following the Great Recession.
Groundwork Collaborative announced today that Bilal Baydoun has been named the organization’s new Director of Policy and Research. Baydoun brings extensive public policy expertise gained as a journalist and while serving in state and local government, including the City of Dearborn and the Michigan Attorney General’s Office.
“Chair Powell has already deprioritized and undermined the full employment mandate of the Federal Reserve. Abandoning the full employment mandate would be a colossal mistake: our economy is only as strong as the workers who power it,” Mabud said.
Kitty Richards, the acting executive director of the progressive economic think tank Groundwork Collaborative and a former U.S. Treasury Department official during the Biden administration, said the president is likely to play a less hands-on role publicly on government funding. “The president has really already played his role and that was during the debt ceiling negotiation. I think that the message that we're seeing from the White House is that there has already been a deal struck and now Congress needs to pass appropriations bills that are consistent with that deal.”
RAKEEN MABUD: There's a lot more work to do. And it's OK to say that because, unless we acknowledge that people are in pain and they are continuing to struggle, I - you know, I don't think that that message will get heard.
Lindsay Owens, executive director of the left-leaning Groundwork Collaborative, was even more direct: “It’s time for Democrats to turn the page on Summers for good.”
“After 40 years of failed trickle-down economics, the Inflation Reduction Act is a case study for what is possible when we invest in the workers and families who power our economy."
Mabud says the big takeaway is that it’s possible to use a different government-forward approach to inflation management. “It really marks a turning point in the way that people are thinking about inflation,” she says.