The United States Federal Reserve chairman Jerome Powell has stated his goal it to “get wages down.”

“Employers are having difficulties filling job openings, and wages are rising at the fastest pace in many years.

Wages are running high, the highest they’ve run in quite some time.

There’s a path by which we would be able to have demand moderate in the labor market and have—therefore have vacancies come down without unemployment going up, because vacancies are at such an extraordinarily high level. There are 1.9 vacancies for every unemployed person; 11½ million vacancies, 6 million unemployed people.”

Powell complained.

After his complaints, Jerome Powell offered his guidance as to how we can achieve this: “By moderating demand, we could see vacancies come down, and as a result - and they could come down fairly significantly and I think put supply and demand at least closer together than they are, and that that would give us a chance to have lower - to get inflation - to get wages down and then get inflation down without having to slow the economy and have a recession and have unemployment rise materially. So, there’s a path to that.”

Michael Hudson, a well-known economist, has called Jerome Powell’s suggestion an example of ridiculous “junk economics.”

Read more on what Jerome Powell had to say HERE