Janet Yellen Brookings Institution/Flickr

Come la Fed ha Ridotto la Disuguaglianza

NEW YORK – La Federal Reserve lo ha finalmente fatto, alzando i tassi di interesse per la prima volta in quasi un decennio. Le conseguenze per gli spread sui tassi di interesse, le equity dei mercati emergenti, e la domanda di abitazioni, tra molto altro, sono oggetto di un ampio dibattito. Ma, come i mercati hanno imparato a far fronte ad una politica monetaria meno accomodante, ci potrebbe essere un importante aspetto positivo, che la maggior parte della gente ha ignorato.

La disuguaglianza di reddito e ricchezza negli Stati Uniti è cresciuta costantemente dallo scoppio della crisi finanziaria globale nel 2008, ma una normalizzazione della politica monetaria potrebbe segnare l’inizio della fine di questa tendenza. Infatti, dovrebbe essere utile ad accelerare la sua inversione.

Consideriamo alcuni dati sconfortanti che riflettono lo stato attuale delle cose. Negli Stati Uniti il reddito medio reale familiare (al netto dell’inflazione) è rimasto più o meno quello del 1979. Uno studio recente del Pew Research Center ha rilevato che nel 2014 il reddito guadagnato dagli Americani è stato inferiore del 4% di quello del 2000, e per la prima volta in più di 40 anni, gli Americani della classe media non costituiscono più la maggioranza della popolazione.

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