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US markets have begun to forecast an even faster rate of interest rate hike, and US Federal Reserve officials are considering raising the rate by three-quarters.
But on the eve of this decision, US President Joe Biden defended the history of economic decision-making at a trade union convention in Philadelphia, as he sought to deepen relations with the middle class
“Wall Street did not build this country, but the middle class,” he said, adding that if investment bankers went on strike, nothing big would happen to the US economy. I no longer want to hear from these lies about reckless spending. “We are changing people’s lives.”he said.
Biden recalled job losses under former President Donald Trump’s administration and caused by the Covid 19 pandemic, and noted record low unemployment today.
“Talk about a contrast. Ordinary people waiting in line for an hour for a box of food.while presidential policies created more billionaires than ever in American history, he said.
Biden, hailed as a pro-union president, has continued to support unions and collective bargaining, and the White House is also supporting them to help Democrats win the November midterm elections.
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