When working people are compensated fairly for their labor, they spend their earnings on the goods and services they produce. This will create full employment because people will spend the money they earn and buttress demand and, hence, employment. But when few people at the top end of the income spectrum accumulate most of the wealth in society, they do not spend it. Instead, they speculate in the financial markets, and thus the economy must rely on asset bubbles to secure low unemployment... ...Earlier this year Sen. Bernie Sanders, I-Vt., asked Yellen whether the U.S. is a capitalist democracy or an oligarchy. Yellen declined to “give labels” but said the statistics Sanders cited on income inequality “greatly concerned” her. Full Opion Piece:
Posted on: Sun, 27 Jul 2014 22:08:23 +0000
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