Fed Chair: Wealth Gap Stems From
'Stagnation in Educational Attainment'
Cybercast News Service,
by
Susan Jones
Original Article
Posted By: Imright,
7/11/2019 8:27:09 AM
Federal Reserve Chairman Jerome Powell told the House Financial Services Committee on Wednesday that the nation's education system is contributing to the growing wealth gap.Powell was asked how the top one percent of American families came to own 40 percent of the wealth in this country. Powell agreed that lower incomes have "stagnated" compared to higher incomes, and he said the gap between those two has never been this large.(Video) He also said upward mobility in the U.S. is less likely than it is in other countries."It comes down to the education system needs to produce people who can take advantage of advancing technology and globalization,"
Reply 1 - Posted by:
Lawsy0 7/11/2019 8:47:31 AM (No. 120388)
I really intended to get one of those wonderfully magic degrees beyond the Associate-in-Something from some outstanding university and parlay that into some career or other but as it turns out, universities are either overpriced steam pits or mail-order diploma mills. Southern universities handed diplomas out wholesale from the loading dock if you could prove you are a minority of some stripe--even a made up stripe. Marriage and family was a better deal, satisfaction wise. I still know what I ever knew and I still use critical thinking (which I picked up in high school when high school had meaning and relevance).
8 people like this.
Reply 2 - Posted by:
Quigley 7/11/2019 8:53:03 AM (No. 120396)
I just watched a Tucker Carlson piece on YouTube (I don't know when it was aired on Fox) LAMBASTING the elites and their monopolization of the tier 1 schools for their spawn- eg, algore sending four of his kids to harvard.
It was a brutal piece and named names- gore, schumer, cuomo, etc etc. Deservedly brutal.
11 people like this.
Reply 3 - Posted by:
Nimby 7/11/2019 8:53:48 AM (No. 120398)
Another elitist who has no clue on how the real world works!!
7 people like this.
Reply 4 - Posted by:
Krause 7/11/2019 9:17:18 AM (No. 120423)
The 8 years of Obama made any disparity worse. His antipathy towards capitalism, manifesting in increased taxes, the forcing of obamacare, suffocating EPA regulations, and the 'you didn't build that' attitude he had, caused businesses to pull back and hunker down. They laid off workers, did no expansion unless it was overseas, and some went out of business. Hence workers lost jobs, didn't get raises, etc. The 'great recession' ended in the first year of his 8 year terms. The following 7 years he stifled any recovery, on purpose, imo..
10 people like this.
Reply 5 - Posted by:
HotRod 7/11/2019 9:19:28 AM (No. 120428)
Ignorant and dependent, the democrat way!
I don't see it as even controversial that basic education in K-12 has suffered greatly. College degrees in subjects that do not contribute to the national wealth, but are nearly impossible to flunk out of as long as you remain politically correct and don't challenge the narrative, now leaves students in tremendous debt.
Indoctrination, instead of education, has replaced the role of education at all levels. All the while, the universities and colleges are making indoctrination more and more expensive!
10 people like this.
Reply 6 - Posted by:
bigfatslob 7/11/2019 9:46:41 AM (No. 120472)
Wait until all of central and south America are on U.S. soil if you want to witness wealth gap. At this point when teaching children about gender choice is more important than math and English the trend of ignorance is on upward motion along with affirmative action for race balance. Over achievers like Asians need not apply it makes the groups in colleges look stupid. Where can you go for a job with a major in African studies and a minor in environmental activism? It's not going to change but only get worse.
6 people like this.
Reply 7 - Posted by:
GO3 7/11/2019 9:54:28 AM (No. 120476)
K - 12 needs to stop being feeder schools for the decrepit university systems. At the completion of high school, a student should have knowledge and skills to pursue vo-tech education, four-year university, or go directly into the work force. You know, the way it used to be. College is pushed on students not only by the schools, but by the culture in general as the way to success. Giving them options beyond majoring in (fill in the blank) studies is the way to go.
7 people like this.
Reply 8 - Posted by:
Ratslayer 7/11/2019 10:00:12 AM (No. 120483)
Ken Danzone, one of the cofounders of Home Depot, in a recent interview claimed that HD cannot find employees that read. Retail clerks must read label to explain use and benefits of products. Democrat/NEA run schools. So why is this surprising?
7 people like this.
Reply 9 - Posted by:
poliposter 7/11/2019 10:12:22 AM (No. 120495)
Well, sure, but that's because everyone goes to college now so the only way to stand out, is to get an advanced degree which really isn't necessary. In much the same way that undergraduate degrees are required by many employers but not necessary for the jobs.
7 people like this.
Reply 10 - Posted by:
jeffkinnh 7/11/2019 10:36:59 AM (No. 120531)
Such a description is an absurd political construct and it is embarrassing to hear it coming from a person knowledgeable about money.
If a highly paid person and a lowly paid person are given the same percent increases, over time the "gap between their salaries will increase simply because x% of a larger salary is more than the same x% of a lower salary.
Yet that is how we structure salaries. Higher paid people are paid at that level because they are evaluated to contribute more to the total pie. They have more responsibility, provide the ideas, and execute the decisions. They have responsibility for directing the efforts of many people. The low end people are responsible only for their own work guided and assisted by others. They contribute far less to the whole and even consume supporting resources of the organization.
So as the pie, the overall size of the company's profit, grows, the raw dollar amount attributed to top earners grows more than the low level worker. THIS is why there is an emphasis on education, working hard, and responsibility. These attributes leap frog you up in an organization making you more valuable and vastly increasing the raw dollars you are paid. The success formula is open to all.
4 people like this.
Reply 11 - Posted by:
FleetUSA 7/11/2019 11:25:57 AM (No. 120589)
IMHO the problem is caused by teacher unions diluting the education in K-12. With a more robust K-12, we have a better quality workforce and incomes would be higher.
5 people like this.
Reply 12 - Posted by:
DVC 7/11/2019 11:41:33 AM (No. 120606)
Burn down and bulldoze the Dept of Education as a first good step towards solving the problems of education in America.
7 people like this.
Reply 13 - Posted by:
Bur Oak 7/11/2019 6:45:57 PM (No. 120987)
Powell knows exactly how the elite protect themselves and their wealth. He won't tell the truth and jeopardize his elite position and wealth though.
0 people like this.
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