When All Else Is Out of Bounds, Zap Labor
From Nixon’s wage controls to today’s interest rate hikes, the fight against inflation has targeted labor.
The Fed reported today that household net worth has fallen for a sixth straight quarter. The latest quarterly drop was a staggering 9%, the largest quarterly drop since record-keeping began in 1951.
Household net worth has fallen 20% from its high of $64.36 trillion in the second quarter of 2007 to $51.48 trillion in the fourth quarter of 2008.
Over 4 million jobs have been lost since the recession formally began at the end of 2007.
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