If economic history teaches us anything, it's that when times get tough, working men and women get targets painted on their back.
Current events give us a perfect illustration. The U.S. is at or close to full employment with an unemployment rate of a historically low 3.6%, but inflation has been rising. So the argument that the remedy to higher prices is higher joblessness is being heard more and more often.
The most distilled iteration of this argument comes from former Treasury Secretary Lawrence Summers, who put it this way in a June 20 speech in London, as reported by Bloomberg:
