Janet Yellen Brookings Institution/Flickr

De cómo la Fed acabó reduciendo la desigualdad

NUEVA YORK – La Reserva Federal de Estados Unidos finalmente lo hizo: elevó las tasas de interés por primera vez en casi una década. Las ramificaciones para los diferenciales entre tasas de interés, las acciones de los mercados emergentes y la demanda inmobiliaria, entre muchas otras cosas, son objeto de un debate generalizado. Pero, a medida que los mercados aprenden a lidiar con una política monetaria menos acomodaticia, podría producirse un hecho positivo importante, que la mayoría de la gente ha ignorado.

La desigualdad de ingresos y de riqueza en Estados Unidos ha crecido marcadamente desde que estalló la crisis financiera global en 2008, pero la normalización de la política monetaria podría marcar el principio del fin de esta tendencia. Por cierto, debería servir para acelerar su camino inverso.

Consideremos unos pocos datos estadísticos sombríos que reflejan la situación actual. El ingreso mediano real (ajustado por inflación) de los hogares en Estados Unidos es aproximadamente el mismo que en 1979. Un estudio reciente del Pew Research Center destacó que los norteamericanos tenían un ingreso 4% menor en 2014 que en 2000 y, por primera vez en más de 40 años, los norteamericanos de clase media ya no constituyen una mayoría de la población.

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