“At her Senate confirmation hearing on Thursday, Janet Yellen, the nominee to replace Ben Bernanke as chair of the Federal Reserve after he steps down from his current term, discussed the rising trend of income inequality and the threat it poses to the economy.
“This is a very serious problem, it’s not a new problem, it’s a problem that really goes back to the 1980s, in which we have seen a huge rise in income inequality… For many, many years the middle and those below the middle [have been] actually losing absolutely. And frankly a disproportionate share of the gains, it’s not that we haven’t had pretty strong productivity growth for much of this time in the country, but a disproportionate share of those gains have gone to the top ten percent and even the top one percent. So this is an extremely difficult and to my mind very worrisome problem.”
She noted that there are many causes for rising income inequality, pointing to technology, globalization, and the decline of unions.”* Cenk Uygur, Ben Mankiewicz, John Iadarola and Wes Clark Jr break it down on The Young Turks.
*Read more here from Bryce Covert / ThingProgress:
http://thinkprogress.org/economy/2013/11/15/2947861/federal-reserve-janet-yellen-income-inequality/
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