> Workers started unionizing, getting raises & taking advantage of a tight labor market to get a slightly better deal

> The ruling class freaked, now the Fed is engineering a recession ostensibly to get inflation under control, but it functions to destroy the growing power of labor.

> Capitalism needs a reserve army of labor to discipline and threaten active labor, and to be able to easily and quickly replace uppity workers with ever-more desperate people who will work for less and under worse conditions out of extreme precarity & fear of total immiseration.

  • FloridaBoi [he/him]
    ·
    2 years ago

    They only have two levers: money supply and interest rates

    Source: I took the Econ AP exam 18 years ago