Janet Yellen Brookings Institution/Flickr

Wie die Fed gerade die Ungleichheit verringert hat

NEW YORK – Endlich hat die Federal Reserve der USA erstmals in fast einem Jahrzehnt die Zinsen erhöht. Die Auswirkungen auf die Zins-Spreads, die Anlagegüter der Schwellenländer, die Immobiliennachfrage and vieles andere sind Gegenstand einer ausgedehnten Debatte. Aber auch wenn die Märkte lernen müssen, mit einer weniger großzügigen Geldpolitik umzugehen, könnte die neue Lage einen wichtigen Vorteil bieten, der bisher meist vernachlässigt wurde.

Seit dem Ausbruch der weltweiten Finanzkrise im Jahr 2008 ist die Einkommens- und Vermögensungleichheit in den Vereinigten Staaten stetig gewachsen, aber die Normalisierung der Geldpolitik könnte das Ende dieses Trends einleiten. In der Tat sollte sie dazu beitragen, diese Entwicklung umzukehren.

Betrachten wir ein paar düstere Statistiken zur aktuellen Lage: Die realen (inflationsbereinigten) Medianhaushaltseinkommen in den USA sind etwa so hoch wie 1979. Laut einer aktuellen Studie des Pew Research Center haben die Amerikaner im Jahr 2014 4% weniger verdient als im Jahr 2000, und zum ersten Mal in über vierzig Jahren stellt die Mittelklasse in den USA nicht mehr die Bevölkerungsmehrheit dar.

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