The job guarantee asserts that, if individuals bear a moral duty to work, then society and employers bear a reciprocal moral duty to provide good, dignified work for all. It would finally make real the ideal, stated in Franklin Roosevelt’s “Economic Bill of Rights,” that every American possesses a “right to a useful and remunerative job” and “to earn enough to provide adequate food and clothing and recreation.” Not a paternalistic aid, and not some tribute to aristocratic virtue, but a right to be claimed and exercised
Although Yellen expressed caution about too steep a rise in U.S. rates, she sounded more confident than she has in the past that the U.S. economy has rebounded from a weak winter and that inflation would edge higher toward the Fed’s 2 percent target.
Federal Reserve policymakers are expected to end months of speculation Wednesday and raise a key interest rate for the first time in nearly a decade. But for average Americans hoping for noticeably higher returns on their savings or fearing a sharp increase on credit card, auto loan or mortgage rates, the waiting is likely to continue.
“I think the point of ‘liftoff’ is close,” Atlanta Fed President Dennis Lockhart said in prepared remarks for an address to the Atlanta Press Club. “The economy has made great gains and is approaching an acceptable normal… conditions are no longer extraordinary.”
“The Fed is taking baby steps towards a rate hike. Enough improvements have been made in the labor market that the Fed only needs a little more confirming evidence to say it is time,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management.