I understand that the Federal Reserve purposely keeps millions of Americans out of work because so-called "expert" economists can't figure out a better way to stem off inflation. Their theory is that if everyone had a job, the dollar would lose value and prices would rise resulting in inflation. But keeping millions of Americans out of work also puts DOWNWARD pressure on wages and benefits. If everyone had a job, there would be more demand for workers and employers would be forced to pay better wages and provide better benefits, because if you weren't satisfied with your wage/ benefits package you would just leave and go to another job that paid better, etc., this would be UPWARD pressure on wages and benefits, but we can't have that, now can we.
The Workers Are Getting Uppity
Call In the Fed!
Much of the conservative nanny state’s economic policy is devoted to the principle of keeping doctors and other highly educated professionals in short supply, while at the same time keeping the supply of less-skilled workers plentiful. The Federal Reserve Board is one of the key nanny state tools for maintaining this imbalance. For this reason, it could have been included as a section in the last chapter. But the Fed, with its celebrity former chairman, the Maestro Alan Greenspan, is so important in this story that it deserves its own chapter.