Greenspan-wealthy gaining most from U.S. recovery
Tue Jul 20, 2004 04:59 PM ET
WASHINGTON, July 20 (Reuters) - Economic reports showing the U.S. economic recovery has primarily benefited the well-off are accurate, Federal Reserve Chairman Alan Greenspan said on Tuesday.
"That's what our data show as well," the Fed chairman said in response to questions from the Senate Banking Committee after testifying on the economy.
Greenspan said the U.S. education system has failed to provide many citizens with skills that will let them earn high wages.
He also said the central bank is not surprised that U.S. stock markets are sluggish despite mounting signs of economic strength.
"The weakness in the stock market is perfectly typical of the type of pattern that one sees over the years and more generally the way this economy is behaving...is nothing that we perceive at the Fed as particularly surprising," he said.