If Federal Reserve Chair Jerome Powell gets his way, SenWarren warned, 'the resulting recession will be brutal.'
op-ed, Warren noted that"when the Fed raises interest rates, increasing the cost of borrowing money, it becomes more expensive for businesses to invest in their operations."
that the U.S. needs"five years of unemployment above 5% to contain inflation—in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment." "You read that correctly: 10% unemployment. This is the comment of someone who has never worried about where his next paycheck will come from," Warren wrote in response to Summers."If Messrs. Powell and Summers have their way, the resulting recession will be brutal. As in past downturns, Republicans in Congress will press for austerity—tax cuts for giant corporations and the rich, weaker regulation on big businesses, and little economic support for the most vulnerable.
by Sen. Joe Manchin , who has repeatedly cited inflation to justify his opposition to new spending on climate action and other key priorities.
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