Chairman Volcker wanted wages to go down, blaming the inflation on too much employment – meaning too full. To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. But banks do not finance much consumption, except for credit card debt, which in the United States is now less than student loans and automobile loans. As the United States has become more debt-ridden, more than 50 percent of the value of U.S. real estate already is held by mortgage bankers. Yet the Democratic Party leadership, subjecting the economy to an IMF-style austerity plan, will make this November’s midterm elections unique.
Source: The Guardian June 24, 2022 00:58 UTC