The head of the fed – the fed-head – Federal Reserve Chairman Jerome Powell, a man famous for complex answers, spoke very clearly yesterday:And he explained that, among the causes, are wage increases that are also too high:
And when he says he hopes that wage increases will “moderate” – that can mean only two things: that more bosses have to say “no” when you ask for a raise, or you have to stop asking for raises – or at least stop asking for raises above 2% a year.Mr. Powell is going to keep raising interest rates until those things happen, which means credit card and mortgage interest are going to go up and up.
Dave, there you go again, beating up on the middle class. But I’m just telling you what has to happen if you want to prevent a Fed-induced recession.However – there is another option – open up immigration. Let more labor flow in – that really controls wages and inflation.
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