Federal Reserve’s Focus Is On Jobs; Congress Must Follow Suit
For Immediate Release: Friday, Sept. 14, 2012Contact: Donna De La Cruz, ddelacruz@communitychange.org (202) 339-9331
(WASHINGTON)—The Federal Reserve has shifted its focus to job creation and Congress must follow suit to further spur job growth, said Deepak Bhargava, Executive Director, Center for Community Change.
“The Federal Reserve has made it clear that its policy is tied to the labor market, and if the market does not improve, the Fed will continue to support it until the economy is healthy and job growth is back on track,” Bhargava said. “Congress must also take proactive steps to jumpstart the economy rather than the GOP-led path of austerity that has proven to be a jobs killer.”
“The Federal Reserve’s focus is on growth and prosperity, a blueprint that sets long-term goals and investment that will allow our economy to thrive for decades,” Bhargava said. “A new paper, Prosperity Economics: Building an Economy for All, written by Yale Professor Jacob Hacker and Nate Loewentheil, is an economic agenda that is about growing the pie so that everyone has an opportunity to thrive.”
Prosperity economics shows that markets work better when working families feel a basic security for their futures. Markets also work better when governments have the resources to operate smoothly far into the future.
The Fed gets prosperity economics. Congress should too.
For more information on prosperity economics, go to www.prosperityforamerica.org
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The Center for Community Change builds the power and capacity of low-income people, especially low-income people of color, to have a significant impact in improving their communities and the policies and institutions that affect their lives. The Center strengthens, connects and mobilizes grassroots groups to enhance their leadership, voice and power.
