Acting Labor Sec’y: Rate Hikes Are Hurting a Lot of People, People ‘Continue to Feel’ ‘Pain’

On Friday’s broadcast of MSNBC’s “Ana Cabrera Reports,” acting Labor Secretary Julie Su acknowledged that the Federal Reserve hiking interest rates to tame inflation is hurting many people and stated that “We should acknowledge some of the pain that Americans continue to feel.”

Host Ana Cabrera asked, “Markets are reacting to today’s news, still down slightly this morning. Wall Street expects another interest rate hike…mortgage rates are already way up. Credit card rates are up. This is hurting a lot of Americans. What’s the answer?”

Su responded, “I think that’s right. We should acknowledge some of the pain that Americans continue to feel. Remember, just three years ago, we were deep in a pandemic, and the economic catastrophe that associated — that came with it. I think part of the answer, though, is to continue to do what the President said. Let’s finish this job. Let’s continue to create good jobs in communities all across the country, let’s create pathways so people who have been left out of the labor market before can get those good jobs, and let’s continue to focus on bringing down inflation, bringing down costs of living so that Americans can feel this in their homes, at the grocery stores, and at the kitchen table.”

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