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The Fed Mayor says American dream is fading



Federal Reserve Chairman Jerome Powell suggested on Wednesday evening that the American idea of ​​deserving success from hard work can fade.

"We are proud to be a country where you can go from the bottom to the top, and there are many examples of what is happening," Powell said during a town hall event. "But if you actually look at the numbers and look at what the chances of someone going from the bottom quintile [of income] to the top quintile [of income] let the United States now move in. And that's not our self-image as a country or that's what we will be. ”

Powell, who spoke at a Fed event for teachers, was asked by an audience that he saw major challenges for the US economy over the next 1

0 years.

Powell painted a strong picture of aggravation Economic inequalities in the United States, and a decline in economic growth felt a lot, for many years Powell said that revenue across economic levels increased substantially across the board.

But, "Over the past 40 years, the increase in revenue per the middle and bottom of the income spectrum really reduced, "he said." We have some work to do to ensure that the prosperity we achieve is widely disseminated. "

" We want wealth to be widely shared. We need guidelines to make it happen, "continued the Fed chair, stressed improved education to prepare more Americans for the workforce and help them adapt to upcoming disruptions in different industries due to rapid changes in technology.

" This is not really Fed's work, but it is politics that we have to do so that everyone should be able to agree that it will increase mobility, improve people's chances in life and make it easier for people to participate in future labor where technology will become one bigger and bigger factor, and it will require advanced technology skills, Powell says.

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