Yep. You can even argue that causing a recession is why interest rates are spiking. It wasn’t happening naturally, and the plebians were getting too uppity.
To maintain class divisions the upper class decided that the best way to avoid this was to turn off the money spigot, because too much was starting to trickle down.
Turning off the money spigot meant that businesses couldn’t raise wages had to start cuts. Causing layoffs meant it would shift from an employee’s market to an employer’s market. They say it’s to “cool inflation”… by making people lose their livelihoods. Then people stop buying and inflation comes down, because the commoners have to keep scrounging instead of improving their lives.
It will get worse; we’re just at the beginning. Tech has been a bellwether, but it’s started spreading across the entire economy. Places that aren’t tech-related are facing layoffs, and as workers get shafted we see strikes coming back in a big way.
But the 1% will hold firm. The Fed will keep the money spigots closed until there’s a massive recession and everyone loses their homes. Then the rich will come in, buy everything up for a bargain, and rent it back to you at twice the price.
And of course, politicians won’t help you either - if anything, most of them stand to benefit from the change. After all, Biden himself told his rich donors “nothing will fundamentally change” - things were changing, and so he’s not going to stand for that. Instead, he’ll silently let things revert to the status quo, the way the rich like it. Everyone else kills each other in culture wars or fights over the scraps.
