Federal Reserve weighs in on income, wealth gap
Bill Emmons and Bryan Noeth, senior economic adviser and policy analyst at the St. Louis Fed’s Center for Household Financial Stability joined “St. Louis on the Air” host Don Marsh to discuss the growing wealth gap.
Federal Reserve reports indicate that middle class wealth may be declining more than people realize. Studies also show the level of education one has can affect a person’s income and wealth.
One of the ways to create wealth is by obtaining a higher education. With the change in the economy, the value of different levels of education is important. Emmons said that people who have higher education levels tend to have jobs that pay higher wages, however it is not a guarantee.
Emmons also explained that among other factors, race and ethnicity play a part in wealth distribution. Minorities, for example, tend to have lesser income levels and are less likely to be in the job market, even if they have a college education.
Listen to the full audio to hear more about their report on the wealth gap.
St. Louis on the Air discusses issues and concerns facing the St. Louis area. The show is produced by Mary Edwards and Alex Heuer and hosted by veteran journalist Don Marsh. Follow us on Twitter: @STLonAir.