Workers haven’t gained as much leverage as a superficial examination might suggest. Advances thus far, such as they are, still leave miles to travel before the American working class recovers all the economic standing it has lost since the 1970s.
It would be irresponsible to create much higher unemployment – and the US economy could be pushed into recession. There is a strong argument for the Fed to take a break from its aggressive monetary-policy tightening.
To avoid the energy catastrophe and reverse the huge loss in living standards already under way, we need to take over the fossil fuel companies and phase out their production with increased investment in renewables, to reduce fuel prices for households and small businesses.
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If they auto-enroll everyone in their newly generous income-driven repayment plan, it will significantly take the sting out of resuming payments. Joe Biden’s plan is the culmination of years of activist work.
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