Read my latest column, criticizing Fed chair Janet Yellen’s speech on income inequality.
Speaking in Boston last week, Federal Reserve Chair Janet Yellen announced that “the extent of and continuing increase in inequality in the United States greatly concern” her. “I think 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.”
Well. I think it is appropriate to ask whether the Fed chair should be expressing concern over whether income inequality is un-American. And to answer: No. The Fed chair shouldn’t sound like a left-leaning politician opining about hot-button political issues.
What do Dr. Yellen and Pope Benedict have in common? Click here to find out.
— Michael R. Strain is a resident scholar and economist at the American Enterprise Institute. You can follow him on Twitter at twitter.com/MichaelRStrain.