This is both a short diary and my second for today. While I know it is now okay to do both, I apologize in advance, but I thought it needed to be shared here.
Another DFH is saying that income inequality is bad. This radical is on the board of Governors of the Federal Reserve, and we all know how left wing they are (snark):
Federal Reserve Governor Sarah Bloom Raskin said the financial inequality resulting from stagnating incomes for most Americans and rapid growth in wealth for the richest 1 percent is hindering the U.S. economic recovery.
“This inequality is destabilizing and undermines the ability of the economy to grow sustainably and efficiently,” Raskin said today to a forum in Washington sponsored by the New America Foundation. The disparities help “drag down maximum economic growth and are anathema to the social progress that is part and parcel of such growth,” she said.
Bloomberg
“Finding ways to help more Americans safely grow their incomes and net worth in real terms arguably diminishes the destructive influence of income inequality by giving everyone a more secure footing in the economy and the same kind of flexibility and choice available to the more affluent,” Raskin said.
Bloomberg
This explains it: "Raskin, who was appointed to the Fed’s board by President Barack Obama, after serving as Maryland’s commissioner of financial regulation"
It's nice to hear some truth from the Fed.
Income inequality is not just unfair; it actually undermines the system for everybody. Discuss.