Economic Policy Institute - Jared Bernstein
The gap between the American rich and the American poor has not been so great since 1929, the year when the Great Depression began. Economist John Maynard Keynes, whose theories fueled the New Deal, believed that if the economy stopped working for the general good the have-nots would turn to radical politics. It is an argument that is reappearing today. Federal Reserve Chairman Alan Greenspan said recently that wealth inequality can fuel resentment and political polarization and lead to misguided economic policies.
This interview explores some of the causes of wealth inequality today. Jared Bernstein tells us that most workers lack bargaining power and can no longer claim a fair share of the wealth their work creates. He blames high average unemployment rates and the decline of institutions that gave power to the working people.
Meet Jared
Jared Bernstein, former deputy chief economist at the U.S. Department of Labor, is co-author of seven editions of the book, “The State of Working America.” He is published in The New York Times, The Washington Post, American Prospect, Research in Economics and Statistics, and other periodicals.
About the EPI
The Economic Policy Institute is a non-profit, non-partisan think tank established in 1986 to broaden public debate about strategies to achieve a prosperous and fair economy. The EPI was the first research institution to focus on the economic conditions of low- and middle-wage Americans and their families.
