Ahead of this week’s Federal Reserve Open Market Committee meeting, Dr. Rakeen Mabud, chief economist and managing director of policy and research at Groundwork Collaborative, joined other leading economists at Economic Policy Institute, the Roosevelt Institute, and the AFL-CIO for a panel discussion hosted by the AFL-CIO. Watch the recording here. Below is an excerpt from Rakeen’s remarks:
“It is crystal clear that aggressive rate hikes by the Fed would do little to address the root causes of inflation – outsized corporate power, supply chain shortages, and the war in Ukraine…
“Crushing the financial well-being of millions, especially Black and brown workers who are always left out of prosperity, would tank the economy….Workers should not be collateral damage in the fight against rising prices.”
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