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JPMorgan CEO warns of ‘powerful forces’ threatening U.S. economy into a recession

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Reuters

Reducing inequality, hiking minimum wage could boost U.S. economy -White House

Boosting enforcement of antidiscrimination and antitrust laws, raising the federal mininum wage and higher unionization rates could substantially boost U.S. economic growth, a new report by President Joe Biden’s top economic advisers concludes. The annual Economic Report, prepared by the Council of Economic Advisers, argues for restoring the public sector as a partner in long-run growth, and adoption of policies aimed at curbing the disproportionate market power of companies and employers that limits economic equality. “The government has a role to play in reducing inequality,” Cecilia Rouse, who chairs the council, told Reuters, stressing that ending lingering disparities in the U.S. labor market and racial wealth gaps would “absolutely” boost U.S. growth and competitiveness after years of weak progress.

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