The Fed Won't Help the Working Class

A good and quick summary of what the fed doesn't do to help the average person.


Besides having created the mortgage-liquidity nightmare, Greenspan and the Fed can also chalk up another accomplishment: inflation. Inflation is so serious that it has more than wiped out any income gains coming to the majority of families in the past seven years.The New York Times reports that "Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows. While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show."

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