- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Both states and households have only slowly spent down the savings they amassed during those pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot. On top of that, government spending has remained elevated as the Biden administration has begun to make sweeping infrastructure and climate investments.
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Thank you Jerome Powell, head of the US private bank cartel, for raising the Federal Reserve interest rates, in order to induce layoffs, in order to scare workers into accepting meager-to-no salary increases.
And reversing all the gains we as workers had made recently.
I don’t really see evidence of that in the statistics.
Forbes, Dec. 2023: Over 305,000 Laid Off In Major U.S. Cuts This Year—Here Are The Biggest
More than 305,000 employees in the U.S. lost their jobs in a torrent of major layoffs at U.S. companies throughout the year, according to Forbes’ layoff tracker, starting with a parade of cuts at tech giants in January, and persisting stubbornly throughout the summer and fall even as recession fears tapered off and as unemployment rates remain low.
CNN, Nov. 2022: Unemployment Statistics Are Misleading. Economic Hardship Is Much Worse
When analysts at the Ludwig Institute for Shared Economic Prosperity, a nonprofit research center focused on lower- and middle-income families, measured what they call the “true rate of unemployment” in October, it was 23.6%, more than six times higher than the official number.
