Rate Cuts No Longer Create Jobs – They Eliminate Them

Wednesday afternoon, the Federal Reserve cut interest rates by another 25 basis points in a move The Wall Street Journal described as aimed at preventing “a recent slowdown in hiring from turning into something more serious.”
To their credit, they can at least see what’s going on in terms of hiring slowdowns and, more recently, layoffs. The day before this decision was announced, Amazon announced 14,000 white collar layoffs – the opening salvo that would ultimately scrap as many as 30,000 corporate positions.
What the Fed is getting badly wrong is that the historic link between corporate…
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