Fed Rate Hikes Are “Body Blow” to Workers Reeling From Pandemic

We speak with Marxist economist Richard Wolff about how experts forecast another economic recession in the United States, with inflation at a historic high and a federal minimum wage that hasn’t changed for 13 years. The Federal Reserve plan to combat rising inflation by raising interest rates delivers a “body blow to a working class” already suffering from decades of upward wealth redistribution and a pandemic, says Wolff, emeritus professor of economics at University of Massachusetts Amherst and visiting professor at The New School. His latest book is The Sickness is the System: When Capitalism Failing to Save Us From Pandemics or Itself.

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