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this post was submitted on 15 Jul 2024
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Because the fed chose to solve inflation by putting downward pressure on wages. This was the only way it could ever happen.
Unless we actually tried to fix the problem in other ways than rate hikes. But since the federal government is completely dysfunctional, the only thing they could agree on was doing nothing and leaving the job to the Fed’s hammer. And we were the nails.
Corpo komissars are firing people and refusing to do wage increases while price gouging the pessants... during pretty normal by historical standards interest rates but shit wages over last 40 years lol