Federal Reserve Chairman Says Economic Inequality Is Creating Two Societies

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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.”

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