Guys, if you can believe it, Bank of America is really hoping for widespread unemployment:
The memo, a “Mid-year review” from June 17, was written by Ethan Harris, the head of global economics research for the corporation’s investment banking arm, Bank of America Securities. Its specific aspiration: “By the end of next year, we hope the ratio of job openings to unemployed is down to the more normal highs of the last business cycle.”
The hope from Bank of America is that more people will be unemployed and workers will have lost this rare moment of bargaining power. Fat cats in corner offices believe that paying workers causes inflation, and not the record-breaking profits from price gouging.
We also note that the Federal minimum wage of $7.25/hr was last updated 13 years ago, and after inflation, people making U.S. minimum wage are earning less now than 60 years ago. That should put a smile on B of A executives vulpine faces.