Today, Explained The devil’s bargain on inflation
19 snips
Oct 19, 2022 
Talman Smith, an Economics reporter at The New York Times, reveals how interest rate hikes disproportionately affect Black workers, exacerbating existing inequalities. Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, emphasizes the Fed's struggle to balance inflation control with the socioeconomic impact on marginalized communities. They discuss the historical unemployment gap between Black and white Americans and the urgent need for economic policies that address these disparities while navigating inflation's harsh realities.
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Persistent Black Unemployment Disparity
- Black unemployment is consistently twice the rate of white unemployment.
- This disparity persists across varying economic conditions, indicating systemic issues.
Post-Pandemic Gains for Black Workers
- Black workers experienced modest but significant employment gains after the pandemic recession.
- Government policies beyond the vaccine rollout played a crucial role in this improvement.
Policy Dinner Anecdote
- A Black economist recounted a dinner with white policymakers.
- They discussed economic trade-offs and expressed concern, but seemed resigned to the potential for increased Black unemployment.