. >> the next one is from brett peck and gene sterling. how concerned are you about the growing wealth and income disparities, and what should be done about them? >> well, like labor force participation, this is a long-term phenomenon. income and wealth disparities have been increasing in the united states, at least since the late '70s, or perhaps even longer. the degree of inequality in the united states is now relatively high. higher than most other industrial countries. there are a lot of factors. it's a complicated ten on nom. economists don't entirely agree on why this has been happening. certainly trade and globalization is part of the explanation. on the one hand, if you have low skills, then, in a open globalized world, you're effectively competing with many, many other workers with very low skills around the world, and obviously we don't have many jobs in the united states anymore that are low-skill manufacturing jobs. on the other hand, if you're a highly skilled person, then you have a global market. and you can earn the higher