Reply #57: US must boost job skills to close wage gap-Bernanke [View All]

[UpInArms]

Did I call that one, or what?

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-04-27T152742Z_01_WAT005445_RTRIDST_0_ECONOMY-BERNANKE-INEQUALITY-URGENT.XML

WASHINGTON, April 27 (Reuters) - Federal Reserve Chairman Ben Bernanke said on Thursday that widening wage inequality in the United States was a potential social problem and the only lasting remedy was a long-term commitment to boosting skills.

"This trend is a disturbing one and has unfortunate consequences for our political economy," he told the Joint Economic Committee of the U.S. Congress.

"My main explanation for this phenomenon is the higher return to education, the higher return to skills. What can we do about it? First of all, the Federal Reserve will do what it can, which is primarily to try to maintain strong and stable employment growth," he said.

"More broadly, the only really sustainable response to this problem is to alleviate the skills deficit," he added.

Gee, I guess we haven't learned how to say "Would you like fries with that?" :mad: