Federal Reserve Chairwoman Janet Yellen delivered a strong indictment of rising inequality of wealth and income in the U.S., saying it was creating a vicious circle that was impeding the economic mobility that used to be at the heart of American economic values.
Delivering a number of rather startling statistics to back her case, Ms. Yellen, who was speaking at a conference on economic opportunity and inequality sponsored by the Boston Fed, argued the trend of worsening disparities was effectively curtailing the country’s economic potential.
“The extent and continuing increase in inequality in the United States greatly concern me,” Ms. Yellen said in a keynote address. “I think it is appropriate to ask whether this trend is compatible with values rooted in our nation’s history, among them the high value Americans have traditionally placed on equality of opportunity.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.