While not directly addressing monetary policy, this morning Janet Yellen delivers a speech titled “Strong Foundations: The Economic Futures of Kids and Communities” at the 10th Biennial Federal Reserve System Community Development Research Conference in Washington, D.C. And while she won’t talk about the pace of future rate hikes, or the future of the balance sheet, Yellen has decided to continue her trolling of the US population and following up on her September 2014 speech in which she explained to the poor, that it is
“important to get rich”, in today’s speech Yellen tells her audience that “considerable evidence shows that growing up poor makes it harder to succeed as an adult.”
So maybe to assure an equal start, it’s time to give every baby a million dollars then, just to put them on the right course? Also, think of the hyperinflationary fringe benefits.
Yellen also said “research presented over the next two days makes a compelling case that there is a need to also think longer term about how to prepare people for success in the labor market” which probably boils down to two word: “hard work.”
Yellen also notes that “as a central banker, I recognize the benefits to the broader economy when more people are better prepared for work and for managing their finances.” Perhaps because if one isn’t a central banker, the benefits to one’s finances and the broader economy from labor are not obvious?
Full speech here, and the live webcast is below.