> 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.

  • supdog [e/em/eir,ey/em]
    ·
    2 years ago

    no doubt but inflation is also doing that.

    The thing that maybe makes inflation a different beast is that rates get locked in if people expect it to continue. You sign a lease for a year, mortgages go on for years. You commit to 13%.

    I don't know how unemployment is worse than inflation for sure though.