WASHINGTON — As Ben S. Bernanke walks away from the Federal Reserve’s marble headquarters on the Mall here after presiding over his last policy meeting Wednesday, he will leave behind a bittersweet legacy.
On one hand, his unprecedented efforts to drive down interest rates and stimulate the economy are widely credited by his peers with saving the nation from a second Great Depression, strengthening the economic recovery and leaving the nation’s financial condition poised to take off this year.
Yet those same policies have added momentum to one of the greatest surges in economic inequality in U.S. history, helping the wealthiest Americans add to their enormous riches while the incomes of almost everyone else stagnated.
By driving interest rates down to historic lows, the Fed chairman helped fuel a huge surge in the stock market, where the top 1 percent of Americans have been far better positioned to take advantage of gains than their less affluent fellow citizens.