Who Will Stop the Fed’s Plans to Trigger a Recession?
Socialists, progressives, and the Democratic Party must all pressure the Fed to change course from its risky rate hikes — if not to prevent widespread suffering, then at least to save their own political skins.
Federal Reserve chairman Jerome Powell delivers remarks at a conference in Washington, DC on June 17, 2022. (Kevin Dietsch / Getty Images)
By all accounts, things are looking up for the Democrats. Gasoline prices are falling, the president’s approval rating is up, the White House is on a bit of a legislative roll, and the Right’s overreach on abortion rights and Donald Trump’s possible indictment seemed to have generated a genuine voter backlash against the GOP, just in time for the midterms. With the wind at their sails, it seems like nothing will stop the party’s momentum.
Nothing — except a Fed-induced recession.
Over the past few weeks, several of the Federal Reserve’s bigwigs have made clear the US central bank will press on with its controversial strategy of raising interest rates to tame inflation, the risks of an economic slump be damned.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.