On August 27 and 28, workers, economists and allies with the Center for Popular Democracy’s Fed Up coalition will return to Jackson Hole, Wyo. with a clear demand for Federal Reserve officials: Let Our Wages Grow.

Some Fed officials claim the risk of inflation as a reason to raise interest rates, and central bankers have even made “Inflation Dynamics” the theme of their annual summit. But inflation is nowhere to be seen. A raise in interest rates would mean slowing the economy, halting the recovery and harming families for whom the recovery has been weakest: women and people of color, especially African Americans.

With too many Black workers still unemployed and wage growth nowhere to be found, the economy is simply not ready for the Fed to slow it down. Members of the Fed Up coalition will take this message to Jackson Hole, and will contrast the Fed’s summit on inflation with their own conference focused more broadly on jobs, wages and other issues of  primary importance for working families. 

The Fed Up campaign, anchored at the Center for Popular Democracy, will hold a number of teach-ins in Jackson Hole, Wyo. during the Federal Reserve’s symposium from August 27 to 29 to convey why it does not make sense to stop the recovery for American families. The teach-ins will be led by workers, economists, and Fed Up allies and will cover an array of topics like the Fed’s role in full employment, the intersection of Black Lives Matter and the Fed, the selection process for regional bank presidents, a historical look at inflation, and more.

“There is no data supporting the Fed’s push for higher interest rates,” said Ady Barkan, campaign director for Fed Up. “While they toy with halting the recovery, there is a crisis of stagnant wages and a lack of good jobs. We will remind Fed officials that their actions could have damaging consequences for women, African Americans and Latinos.”

The Fed Up campaign’s efforts to highlight the urgency of letting the economy grow for working families goes back to its inception last year. Since then, the Fed Up members from across the country have attended Jackson Hole, met with Federal Reserve Chair Janet Yellen and regional Fed presidents, held national mobilizations, and more.

“With Fed officials gearing up for a crucial decision-making period, it is more important than ever that they hear from workers and understand how their decisions play out in communities across the country,” said Connie Razza, Director of Strategic Research at the Center for Popular Democracy.

Details for the teach-ins will be released at a later date.

Interviews Available

There are interviews available with workers affiliated with the Fed Up campaign who are coming to Jackson Hole, as well as economists and policy experts from the Economic Policy Institute, the Center for Popular Democracy, and allies.

For inquiries or interviews, please write to press@populardemocracy.org.

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The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.