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Raphael Bostic spoke about solutions to racial economic problems

22 October 2020
1865
2 min.
2
Raphael Bostic spoke about solutions to racial economic problems

Raphael Bostic presented solutions to the racial economic consequences of the pandemic

Earlier this week, Raphael Bostic said that the Federal Reserve is an important part of the solution to the racial economic disparities caused by the COVID-19 pandemic.

Officials are focusing on helping workers avoid a "benefit cliff" that results in many times less than they would have earned, and are including lab our development programmes to enable people to accustom to a changing economy.

The current recovery does not look very good, the director of the bank said, describing the variable conditions discussed by other economists.

Demonstrating the uneven conditions outlined by other economists, Bostic said: "Today’s recovery looks like ess than".

Those businesses and workers who have been able to adapt to slow conditions and sectors with high levels of contact are not so lucky.

The problem is further compounded by the fact that these enterprises employ people who are at the lowest pay scales.

As Raphael himself says, this is "an economic recovery that avail some parts of the economy much less than others" However, these portion expose and exacerbate the inequalities that have long infestation our economy on ethnic, gender, professional grounds and etc.

But the economist himself stresses that he does not consider himself a pessimist.

The fact that he is present in the conversation and the Fed's current policy can help, Bostic said. As an example, he cited the central bank's words not to raise interest rates until inflation reaches an average of 2%. Raphael said that he forecasts it to "take some time before we fasten our interest rate position or deviate strongly from our actions that support financial functioning', although he said he would 'sincerely support the elimination" of the Fed's low interest rate policy and the lending and liquidity programmes it introduced during the pandemic.

The economist also said: 'Our new achievement should help minorities and low-income workers to be more closely linked to the lab in our market. This will give these traditionally marginalized groups better employment opportunities and economic sustainability, which for too many of our national have been severely tested by the economic downturn in COVID-19'.

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