OPINION: Financial inclusion is key to addressing America’s two-speed economic recovery
Thursday, November 13, 2014
I’ve had the opportunity over the last few months to meet bankers and regulators from around the world to discuss their economic growth plans, the impact of rising inequality in wealth and incomes, and in some cases, extending the reach of their financial systems.
Since the crisis, central bankers have done a yeoman’s job supporting the world’s economies—and asset prices have increased as a result. The Dow Jones Industrial Average has risen 165% since its lowest point during the crisis, benefitting those with substantial investable assets.
However, the global economic growth rate continues to be inadequate, indebtedness is rising, and the number of global unemployed is likely to increase again next year, according to recent estimates. The news isn’t rosy for people with jobs either. Inflation-adjusted incomes for the middle class in the US have not increased since 1999.