The Fed needs to stop raising interest rates | Robert Reich

Interest rate hikes mean that workers and consumers take the hit. Here are other tools to address inflation

The Fed is meeting on Tuesday. This week, presumably, it will announce that it's raising interest rates once again in its continuing attempt to stem inflation by slowing the economy.

But shouldn't it be obvious by now that higher interest rates aren't doing the trick?

Robert Reich, a former US secretary of labor, is professor of public policy at the University of California, Berkeley, and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His new book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com