BERNANKE: Growing Inequality Is Destroying America

wealth and inequality

Ben Bernanke addressed the country’s growing wealth-and-income inequality in his 60 Minutes interview.

He’s not a fan.

Here’s Sewell Chan in the NYT:

When asked about rising inequality in the United States, Mr. Bernanke offered a response that was likely to be embraced by liberals.

“It’s a very bad development,” he said. “It’s creating two societies. And it’s based very much, I think, on educational differences. The unemployment rate we’ve been talking about. If you’re a college graduate, unemployment is 5 per cent. If you’re a high school graduate, it’s 10 per cent or more. It’s a very big difference.”

Mr. Bernanke added: “It leads to an unequal society, and a society which doesn’t have the cohesion that we’d like to see.”

How extreme is this inequality?  It’s higher than it has ever been since the peak of the roaring 1920s.

See Also: 15 Mind-Blowing Facts About Wealth And Inequality In America

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.