Richard Wolff: Fed Rate Hikes Are “Body Blow” to Workers Reeling from Pandemic, Growing Inequality

This week marks 13 years since the U.S. last raised its federal minimum wage to $7.25 an hour in 2009. Richard Wolff: This is a body blow to a working class that has been suffering for 30 to 40 years. He says it’s no democracy in allowing 1% of the people to set prices that 99% of people are forced to pay, for clothing, shelter, shelter and all the rest. Wolff says the government is called: “Please fix it,” when the capitalist system lurches into one extreme or another extreme. And then a kind of magic happens, which happens by the Federal Reserve, which can be honest, which is by the way of its job, which we call its job. . . .