Today, the Commerce Department released new gross domestic product (GDP) figures, which show two consecutive quarters of negative growth. Dr. Rakeen Mabud, chief economist and managing director of research and policy at the Groundwork Collaborative, issued the following statement:
“Today’s GDP report makes it crystal clear that Jerome Powell is willing to push millions out of work and throw away our economic recovery in the name of an arbitrary 2% inflation target he doesn’t even believe he can hit. We can all agree that fighting inflation should be a top priority, but asking the workers and families who have been hit hardest by rising prices to also bear the brunt of a potential recession is not just cruel – it’s bad policy.”
Email press@groundworkcollaborative.org to speak with Dr. Rakeen Mabud about the Fed’s latest rate hikes and what the latest GDP numbers tell us about the health of our economy.