So am I and so are most decent people. Â So bravo Janet, you are a decent person. Â You are greatly concerned about inequality in this richest nation on earth.
Yellen says she’s ‘greatly’ concerned by rising inequality
Now let’s work the details…
“It is no secret that the past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority,†Yellen said in a speech to a conference on inequality sponsored by the Boston Fed.
It is also no secret that manipulating short-term interest rates toward zero kills regular peoples’ ability to save.  It creates and furthers a wealthy investor class directly at the expense of the public, who have traditionally been savers.
“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,†she added.
Which is why I harp on it so often Janet.  Don’t you get the linkage between policy and the result you so eloquently fret about?  Throw in the effects of inflation, the same inflation the Fed is trying to promote right now, and you have a double hit against the non-investment class.
Yellen said that some degree on inequality of income and wealth contributes to economic growth because it rewards hard work and risk taking. But the concern is that “inequality of outcomes can exacerbate inequality of opportunity, thereby perpetuating a trend of increasing inequality.â€
WTF? Â Janet channels Greenspan and his famously confusing, if intellectual sounding gobbledegook.
Income inequality — as measured by what’s called the Gini index — is up 4.9% since 1993, the earliest year available for measurement, according to Census Bureau data.
