Bernanke Warns of 'Two Societies'

Federal Reserve Chairman Ben Bernanke tells 60 Minutes that growing inequality is “creating two societies.” Time for Republicans to accuse him of partisan play. In the interview Bernanke says, “It’s based very much, I think, on educational differences...If you’re a college graduate, unemployment is 5 percent. If you’re a high school graduate, it’s 10 percent or more.” He also said the government should not immediately scale back in size, and endorsed the proposal from President Obama’s deficit commission to decrease tax rates and eliminate popular deductions.