Thread by @EthnicMediaSvc

@EthnicMediaSvc goes live right now with our weekly Friday news briefing: "Inflation to Recession." Speakers include Alix Gould-Werth, Washington Center for
Equitable Growth, Dr. Rakeen Mabud, Groundwork Collaborative @rakeen_mabud @alixgouldwerth

And Chad Stone, Center for Budget and Policy Priorities @ChadCBPP

Mega corporations are taking advantage of inflation to raise prices on consumers. Profit margins are at an all time high. @rakeen_mabud Small businesses cannot compete with the Walmart down the street.

Market power, the threat of war is the means for profiteering by mega corporations. @rakeen_mabud

The world's shipping oligarchy earned $53 billion last year and expects to earn four times that this year. @rakeen_mabud @Groundwork

Artificially pushing the economy into recession by raising inflation rates would be catastrophic. @rakeen_mabud @Groundwork #inflation #recession #pricegouging

Can President Biden call out companies to lower prices, asks @PilarMarrero of @EthnicMediaSvc

Are we in a recession? asks Chad Stone of the Center for Budget and Policy Priorities. @ChadCBPP @CBPP He defines it as a decline in economic activity.

Supply chain shocks, oil price shocks are very hard on vulnerable groups. @ChadCBPP

Black and Latino unemployment rates are high, says @ChadCBPP analyzing today's jobs report. Economy had slowed in 2020, but American Rescue Plan gave juice to recovery.

Forecasts suggest we will be in a short, shallow recession, but it will still be damaging to the most vulnerable folks. @ChadCBPP

The Covid recession impacted women, people of color, and the LGBTQ community than the nation at large, says @alixgouldwerth

Many who are affected by recession are ineligible for safety net programs. Onerous application and criteria, and too little money. Undocumented people are rarely eligible for federal funds. @alixgouldwerth

The unemployment insurance system is starved for resources. The tax base has eroded. @alixgouldwerth @equitablegrowth "We don't have enough money to pay for benefits, so states are going to make benefits pretty stingy."

Unemployment insurance can't stabilize the economy if workers can't access benefits. "Imagine putting food on the table with only 40 percent of your income. @alixgouldwerth @equitablegrowth

"Our unemployment insurance system is broken. We are relying on band-aids. When public support fails, vulnerable families have few options." @alixgouldwerth @equitablegrowth "We are not prepared for the next crisis."

Rising wages only comprise about 8 percent of price inflation, says @rakeen_mabud of @Groundwork collaborative

Wages are not driving inflation, says @ChadCBPP Workers at the bottom of the pay scale have not benefitted.

There are significant scarring effects for years after a recession, says @rakeen_mabud "Even if its a mild recession, there are people getting badly hurt," says @ChadCBPP

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