Current Events > Fed wants ppl to lose their joba. Begins work towars this goal.

(+) Yeah! (+)

https://abcnews.go.com/amp/Business/fed-unemployment-rise-economists-lose-jobs/story?id=90375709

The Federal Reserve escalated its fight against inflation this week, instituting a major rate increase and saying more will likely follow. The moves will cause a jump in the number of unemployed Americans by the end of next year, the central bank said.
The Fed has put forward a series of aggressive interest rate hikes in recent months as it tries to slash price increases by slowing the economy and choking off demand. But the approach risks tipping the United States into a recession and causing widespread joblessness.
Fed Chair Jerome Powell on Wednesday acknowledged that rate hikes would cause pain for the U.S. economy, as growth slows and unemployment rises. He added, however, that "a failure to restore price stability would mean far greater pain later on."

Not only is your title gibberish but your link doesn't go anywhere

I reported about 2 months ago that the Fed wanted unemployment over 10%.

Now they finally making movea unto thia end.

The language will be "this is unfortunate, we have to blah blah"

That ia not true. They have given wealth to the rich via PPP loans and other things.

They just making the poor pay for their mistakes.

Republicans: "In that case we will cut unemployment, Medicare and corporate taxes by twice as much as we originally planned if we win Congress"

Irony posted...

Not only is your title gibberish but your link doesn't go anywhere

Fixed

https://www.marketwatch.com/story/fed-says-banks-could-withstand-10-unemployment-55-stock-price-drop-in-annual-stress-test-11656016376

The Fed sees banks will have enough capital to keep lending even if unemployment rises to 10% under a hypothetical scenario

https://www.cbsnews.com/news/fed-interest-rates-unemployment-inflation/

MoneyWatch
Buckle up, America: The Fed plans to sharply boost unemployment

In case the U.S. economy wasn't hurting enough already, the Federal Reserve has a message for Americans: It's about to get much more painful.

While the exact relationship between wages and inflation remains under debate, economists are much clearer on how raising interest rates puts people out of work.
When rates rise, "Any consumer item that people take on debt to buy whether that's automobiles or washing machines gets more expensive," said Josh Bivens, research director at the Economic Policy Institute.
That means less work for the people making those cars and washing machines, and eventually, layoffs.

In addition, people travel less, leading hotels to reduce staffing to account for lower occupancy rates. Businesses looking to expand say, a coffee shop chain opening a new branch are more hesitant to do so when borrowing costs are high. And as people spend less on travel, dining out and entertainment, those hoteliers and restaurateurs will have fewer customers to serve and eventually cut back on staff.
"In the service economy, labor is the biggest component of your cost structure, so if you're looking to cut costs, that's where you'll look first," said Peter Boockvar, chief investment officer at the Bleakley Financial Group.
While in Boockvar's view hiking rates is needed, the Fed's tactics strike him as aggressive. "I just have a problem with the [Fed's] rapidity and scale," he said. "They're coming on so fast and strong, I'm just worried the economy and markets can't handle it."

Joba the hutt

The federal government will always favor fucking over the poor and working class instead of taxing the rich more.

Our best economy was when the wealthy paid their fair share and wages kept up with inflation.

WingsOfGood posted...

https://abcnews.go.com/amp/Business/fed-unemployment-rise-economists-lose-jobs/story?id=90375709

so you are smarter than the fed?

ZMythos posted...

Our best economy was when the wealthy paid their fair share and wages kept up with inflation.

when was this ?

mah joba

damn you feds, you wont get my joba!

guys this is serious!

WingsOfGood posted...

when was this ?

I believe in the mid 40's we had a 90% marginal tax rate for the wealthiest Americans.

And of course, the 50s saw an economic boom as a result.

WingsOfGood posted...

when was this ?

40s-60s

We taxed the fuck out of the rich

ZMythos posted...

I believe in the mid 40's we had a 90% marginal tax rate for the wealthiest Americans.

And of course, the 50s saw an economic boom as a result.

Nice.
That also the era you work for a burger joint and can buy a house, car and feed you family of 6 kids and such.

thx1138 posted...

so you are smarter than the fed?

Fed knows what they are doing. They aren't doing the choice that benefits the public but themselves and their rich friends.

Thanks Biden

DarthAragorn posted...

40s-60s

We taxed the fuck out of the rich

Was this due to the great depression?

Are we going to have to have another great depression before things go back to the way they should be?

Bring back the guillotine

WingsOfGood posted...

Was this due to the great depression?

Depression ended earlier than that.

DipDipDiver posted...

Bring back the guillotine

And the spitroast. I'm hungry.

Fed literally said they want 4 something percent unemloyment

Dan_Haren- posted...

Fed literally said they want 4 something percent unemloyment

they want over 10%

"You will own nothing, and you will be happy."

Losing my joba at the jojoba mart