Washington D.C. – Following the Federal Reserve’s announced interest rate increase today of half a percentage point to 4.5 percent — the highest rate in 15 years – government watchdog Accountable.US urged the Fed to heed the warnings of economic experts, labor leaders, and lawmakers that further hikes could spell disaster for the economy in the form of mass layoffs.
Raising interest rates, even if more slowly, still hurts American families in the long run by pushing the economy toward a recession. Working families will shoulder the brunt of a problem caused by corporate greed. Continuing down this path is misguided. A recession is not inevitable. It depends largely on deliberate decisions made by the Federal Reserve and Chairman Jerome Powell. ”