Ben Bernanke addressed the country’s growing wealth-and-income inequality in his 60 Minutes interview.
He’s not a fan.
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.
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