News Source

November 7, 2013

 

 

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 Iowa tech company joins research group in Prince George Virginia  

 
 
 
 
 
 
 
  
 
 
Richmond Fed Chief Lacker expects 2% growth in 2014

      

Jeffrey Lacker says a skills gap is playing a large role in widening U.S. inequality.

  

Federal Reserve Bank of Richmond President Jeffrey Lacker said income inequality has increased in recent years because of the rising importance of a college degree and advanced skills for U.S. employers.

 

"The rich are increasingly likely to remain rich, and the poor are increasingly likely to remain poor," Lacker told college students and professors Tuesday in Charlotte, N.C. "The disparity in outcomes between those who have acquired skills, often in the form of college education, and those who have not likely plays a large role."

 

Lacker also reiterated a point he made Friday that the U.S. economy will probably grow just 2 percent next year, with no new source of strength.

 

"My outlook is for something around 2 percent, pretty close to 2 percent next year," Lacker said after the speech at Johnson C. Smith University. "My baseline doesn't have a pickup in growth next year. I just don't see where it is likely to come from."