Federal Reserve Chairman Ben Bernanke Says Economic Inequality Is Creating Two Societies
Federal Reserve Chairman Says Economic Inequality Is Creating Two Societies
Washington — 42 years ago, the Kenner report, issued by President, Lyndon B. Johnson claimed that our nation was “moving toward two societies, one black, one white—separate and unequal.” Today,the Federal Reserve Chairman, Ben Bernanke told “60 Minutes” that income inequality in America is creating “two societies” primarily based on education. The Huffington Post reports:
Pelley: The gap between rich and poor in this country has never been greater. In fact we have the biggest income disparity gap of any industrialized country in the world. And I wonder where you think that’s taking America.
Bernanke: It’s a very bad development. 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 percent. If you’re a high school graduate, it’s 10 percent or more. It’s a very big difference. It leads to an unequal society, and a society which doesn’t have the cohesion that we’d like to see.”
RELATED STORIES
Fed Chairman Says Minorites Need to Strengthen Their Financial Literacy
Bernanke Says Recession Could End In 2009
- The African American Policy Forum’s 5th Annual CRT Summer School Series Was A Call To Action For Social Justice
- The Ghost Of Willie Earle And The Haunting Of Pickens County Museum
- Trump’s Brazen Takeover Of The Library Of Congress Is Another Direct Threat To Democracy
- Post Eaton Fire, Altadena Boys Shifts Focus To Youth Mentorship
- Trump Administration’s Push To Suspend Habeas Corpus Is Fascist
