To Fix Income Inequality Fix The Fed - pgf: "...It didn’t used to be this way. For example, from the period 1948 to 1968, real income for both groups increased more than 85%. This was the “golden age” of the middle class. In JFK’s words, this was a rising tide lifting all boats. When the economy grew, everyone participated. What changed? The operating mandate of the Federal Reserve did. When they had a mandate to stabilize the dollar, wages rose within the context of a stable price level. In 1968 that monetary regime began to get dismantled by Democrat Lyndon Johnson and by 1971 Republican Richard Nixon had it completely demolished, ushering in the floating dollar. After the ensuing misery of the 70’s, a new Fed paradigm emerged that featured a “dual mandate” of price stability and full employment...."
The Fed is now destroying the US economy. Get rid of the dual mandate. Simple is better.
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