Bernie Sanders had a column about the Fed in the NYT about two weeks ago. After you peeled away the tiresome left-wing populist rhetoric, it contained two legitimate points:
1. There is insufficient justification for an increase in interest rates at this point in time: There is no evidence which suggests that inflation is an imminent problem. Further interest rate increases will result in a stronger dollar, which will hurt exports and wreak havoc in struggling emerging economies.
2. Increasing interest rates in response to rising wages exacerbates inequality: The Fed has taken a lot of unjustified criticism for propping up the stock market, and thereby improving the bottom lines of the 1 percent, at a time when wages have remained stagnant. What was the alternative–promoting a new Great Depression to spread the misery to everyone? That said, I would be very concerned if the Fed decides to put the brakes on the economy just because we are starting to see a belated increase in wages, because, whether intentional or not, that would be an act of class warfare. Trading a slight risk of increased inflation for improved living standards for workers is a sensible gamble at this point in time.