Moral Low Ground

Economy

Fed Chairman: Economic Inequality Creating “Two Societies” in U.S.

December 6, 2010 by Brett Wilkins in Rich & Poor, US Government with 0 Comments

US Federal Reserve Chairman Ben Bernanke appeared on CBS 60 Minutes last night and addressed the growing economic inequality in the United States. Reporter Scott Pelley asked: “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 replied that “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 five percent. If you’re a high school graduate, it’s ten 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.”

While Bernanke has done well by himself, becoming one of the most influential men in the world, his hometown of Dillon, South Carolina has not been so fortunate. The Huffington Post reports that even Bernanke’s childhood home there was sold due to foreclosure and unemployment there stands at around 15%.

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