Introducing the Coretta Scott King Act

“Civil rights plus full employment equals freedom”

“The key from our perspective was that full employment needs to be specified and defined more concretely so the Fed doesn’t just have a bias towards fighting inflation,” Khanna told The Week. To accomplish that goal, his bill first defines full employment not with a numeric value, but with an observable condition: median wages rising with worker productivity growth. The reason is that maximizing employment is ultimately about giving workers the bargaining power to claim their fair share of the wealth they create. That requires wages to rise with productivity — i.e. how much value a worker produces per hour of work — pretty much by definition.

The Fed needs better rules. This Democratic bill is a start.