US Federal Reserve chairman Jerome Powell said his goal is “to get wages down,” complaining workers have too much power in the labor market. Economist Michael Hudson says this is “junk economics,” and corporate monopolies are driving inflation, not wages.
“Wages are running high, the highest they’ve run in quite some time,” the Fed chairman lamented.
Workers need to be disciplined by the labor market, he insisted.
Powell argued, “There’s a path by which we woul...