Federal Reserve chairwoman Janet Yellen said yesterday that rising income inequality in the U.S. is at odds with American values.
"It is appropriate to ask whether this trend is compatible with values rooted in our nation's history, among them the high value Americans have traditionally placed on equality of opportunity," said Yellen, delivering the keynote at the Conference on Economic Opportunity and Inequality at the Boston Federal Reserve. "The past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority."
She said inequality has increased since the recession. According to Federal Reserve data, the wealthiest 5 percent held 63 percent of the wealth in 2013, while the lower half of all households held only 1 percent.
Yellen's remarks on inequality were a departure from typical Fed chair topics, which usually cover monetary policy or unemployment.
She also cited higher education costs as an economic concern.
"Higher education has been and remains a potent source of economic opportunity in America, but I fear the large and growing burden of paying for it may make it harder for many young people to take advantage of the opportunity higher education offers," she said. "College costs have risen much faster than income ... and have become especially burdensome for households in the bottom half of the earnings distribution."
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