Federal Reserve policies launched in a historic economic slump may have exacerbated wealth disparities in the U.S., according to new research from the Philadelphia Fed.
“Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth,” writes economist Makoto Nakajima in the second quarter edition of the regional central bank’s Business Review.
“However, it is probably impossible to avoid the redistributive consequences of monetary policy,” the paper says.
Meanwhile, local property taxes continue to grow.
Much more on recent tax and spending growth, here.