Keller @ Large: Far From Economic Recovery

BOSTON (CBS) - I see the Federal Reserve has backed away from abandoning the zero interest-rate policy it has had in effect since the economy crashed seven years ago, amid signs that "economic growth has moderated somewhat."

Uh-oh.

It's nice, I guess, to see that even in the cloistered confines of Washington, they're getting the message that despite record market highs, lower unemployment and signs of consistent job growth, this is not exactly the land of milk and honey out here in the real world.

Especially not here in our local Garden of Eden, where just in the past few days we've seen headlines about how three local spots, Boston, Cambridge and Essex County landed on Forbes Magazine's list of the ten most overpriced urban areas in the country, not to mention a study out of DC showing Boston ranks third in income inequality.

Yes, we continue to be a tale of two cities around here, a state with thriving areas of wealth and growth, chronic pockets of severe poverty, and a middle-class that is, to quote Senator Elizabeth Warren's favorite line, "getting hammered."

And this winter hasn't exactly helped the situation.

None of this is new, and Massachusetts is far from the only place where economic recovery is limited to the lucky few. But going forward, we need all of our leaders to be acutely aware of how far from recovered too many of us are, and to act accordingly.

For now it seems like the Republican governor and the Democratic legislative leadership are on the same page on this, resisting new middle-class taxes and treating the economy as fragile. The Fed seems to get it too.

But while caution is fine, some bold ideas for change would be welcome from any of them. Hopefully, before another winter rolls around.

Listen to Jon's commentary:

You can listen to Keller At Large on WBZ News Radio every weekday at 7:55 a.m. You can also watch Jon on WBZ-TV News.