Just a quick follow-up from yesterday’s PostEverything piece on the “Fed Up” campaign’s trip out to Jackson Hole, WY, to pressure the Fed not to raise rates on behalf of low-wage workers.
In my interview with Fed Up member Dawn O’Neal, a teaching assistant at an Atlanta day-care center, she commented:
I’m wondering if the people out at Jackson Hole have even taken into account the community that I live in and communities like this across the nation. Maybe they should have a conference here in South DeKalb County.
A number of people have told me they think this idea makes a lot of sense, and I agree. It’s not about begrudging the Fed officials and other attendees a nice trip to an elite resort. It’s about:
–having an important and elite economic institution meet in a place where the real economy isn’t working so well;
–channelling some money into said place;
–sending a signal to those watching that the Fed isn’t like some high-flying corporation having their annual retreat in the playground of the rich.
Meet in Baltimore, Detroit, Oakland, South DeKalb County. You’ve got the data–go to someplace where unemployment is still really high. It’s by no means a huge deal and no one’s claiming it will make a big difference; what matters is their macromanagement policies. But optics matter too, and I think it’s the right thing to do. At least give it a try.