Bernanke Backs ‘Multiprong’ Approach to Aiding Low-Income Areas

The U.S. economy is slowing recovering from depression. Low-income communities, however, are recovering slowly than other aspects of the economy. Wages fell 30% when the economy was at its worse. This left a great impact on families who struggle to survive from one day to the next. Ben S. Bernanke, Federal Reserve Chairman, recognizes this problem and is determined to promote monetary policies that can relieve this issue. His plans will require local communities to work as a group to reshape the environment. The “multi-pronged” approach he describes involves improvement in education, jobs and health care sectors. In addition, he intends to pump more money into the market, in hopes of reducing unemployment rates.

The public is generally positive about the growth of the economy. There have been improvements in various industries. Reduction in unemployment rates also signifies the recovery of low-income families from their struggles. Bernanke’s support for low-income neighborhoods will also improve their lives.

 

Written by: Melody Mark

Source:

Torres, Craig, and Jeanna Smialek. “Bernanke Backs ‘Multiprong’ Approach to Aiding Low-Income Areas.” Bloomberg. Bloomberg L.P., 12 Apr. 2013. Web. 12 Apr. 2013.

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