US economist Adam Posen has an article I recommend reading in the FT this morning (and you can read 30 articles a month, free). The headlines say enough to summarise the argument:
First, there is an army of hidden jobless people, many of them supposedly self employed.
Second, this is massively damaging in multitudinous ways, from mental well being, to sustainability, to old fashioned growth if that's what you want.
Third, inflation is much less worrying - unless you're very wealthy.
And that's what economic debate on rate rises is about now. It's pretty much down to class struggle - wealth versus the rest. Maybe it was ever thus.