WASHINGTON -- A top Federal Reserve policymaker has raised the possibility that rising inequality may restrain economic growth for several years in a sign the central bank may be worried about the increasing gap between the rich and poor.
“In my view, the large and increasing amount of inequality in income and wealth, which has been an ongoing development for decades, may have exacerbated the crisis,” Fed governor Sarah Bloom Raskin said Thursday in a speech delivered in Washington. “More research is required to determine whether it may also pose a significant headwind to the recovery from the crisis for years to come.”
You mean that the evisceration of the middle class and the reciprocal swelling of the ranks of working poor means that the consumer class likely will not have enough cash left over, after paying for their basic living expenses and life necessities, to purchase all those nifty material objects and entertainment services/products that American companies are peddling??
OH WOES IS US!!
Dear reader - please forgive The Gadfly for treating this very serious subject with such a semingly carefree, chuckling air of frivolity. The Gadfly is actually just unbelievably aghast that people in high places of government leadership could actually be so fucking tone deaf to the suffering that has been going on in this country, for decades, which can and has been directly attributable to the cancerous effects of accelerated economic inequality across the nation.
And no -- no "more research" is fucking needed to "determine whether it may also pose a significant headwind to the recovery . . ." - good lord that quote alone makes The Gadfly's head spin around like Linda Blair's mop top in that infamous scene from 'The Exorcist.":
Sigh . . . The Gadfly supposes that he should take some solace in knowing that at least one high ranking, public policy maker has tacitly acknowledged that their "possibly" might be a connection between national economic malaise and the increasing wealth gap between the haves and have nots.
Glory fucking hallelujah!!