"This has led to a #Fed that is far more concerned about keeping down inflation (a concern of #bankers) than the full #employment portion of its mandate."
Suppose you #borrow $50,000 in a year that you were paid $40,000/year. Inflation and mandated COLA pay raises makes your earnings go to $60,000/year. You aren't richer because your milk, bread, gas, and other things are more expensive too, but your loan is still $50,000 on their books. The bank feels like they lost $20,000.