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Longer working lives improve the sustainability of the welfare state and the public pension system, have positive externalities on the employment and productivity of young workers, and enhance cognitive functioning.
Since the decade of the 1970s a strong surge in US inflation had not been seen. Even though there are some similarities between those years and nowadays like the higher inflation of food and energy, the Fed back then was not truly independent and used to favor employment expansion at the expense of inflation.
The world is now facing the biggest energy crisis of the last 40 years, making it hard to make any meaningful progress on climate legislation in the European Union (EU).
On June 7, 2022, the European Parliament and EU Member States reached an agreement on the Directive on adequate minimum wages. Despite the arrival of this Directive, differences in minimum wages between EU Member States will continue to exist for as long as there is no convergence in productivity and employment rates.
Recessions occur because the Fed's short-term interest rates determine the level of all rates in the economy: the Fed's rate hike implies higher rates for credit to companies, for mortgage loans and for consumer loans, etc.