Bank Of America is hoping for conditions to get worse for the US working class.
July 30, 2022
In a recent private memo obtained by The Intercept, Bank Of America’s executive stated that “we hope” working Americans will lose leverage in the labor market.
As recession looks inevitable, the US Federal Reserve is trying to “cool down” the economy through various measures.
Bank Of America’s leaked memo stated that they “hope the ratio of job openings to unemployed is down to the more normal highs of the last business cycle.”
“The ratio of job openings to unemployed” is generally calculated as the ratio of unemployed people to job openings - the lower the number, more job opportunities.
The memo further expresses distress about “a record tight labor market,” stating that “wage pressures are … going to be hard to reverse.”
While complaining about the bad effects of high wages in raising prices, Bank of America kept silent on the pernicious effects of high profits.
Bank of America’s leaked memo clearly depicts how major economic institutions are against the idea of the working class having power.