Fed's Lael Brainard says income inequality in U.S. may be hampering economy
Rising inequality could be a factor behind sluggish growth in the U.S. economy in the wake of the financial crisis, said Federal Reserve Governor Lael Brainard on Friday.
“Consequently, an economy that delivers and increasing share of income gains to high-wealth households could result in less growth in consumer demand than one in which the gains are distributed more equally,” Brainard said. Overall, new data from the Fed show the continued squeeze on the U.S. middle class. One-third of middle-income adults said they would have to borrow money or sell something, to pay an unexpected $400 expense, Brainard said.
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