rssBernanke Sees No Quick End in Sight for Joblessness Crisis
Tuesday, June 08, 2010 at 10:25 am
- 5 Comments
Speaking with ABC News’ Sam Donaldson yesterday, Federal Reserve Chairman Ben Bernanke described the recovery as “moderate-paced” and demurred on the issue of whether there might be a double-dip, saying, “There seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we’ll have a continued recovery.”
He also predicted that the unemployment rate will remain highly elevated. He said the Federal Reserve plans to raise interest rates before the economy hits full employment — echoing comments made by Dennis Lockhart, the president of the Federal Reserve Bank of Atlanta — but did not say when that process would start. “The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress,” Bernanke said.
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[...] Bernanke Sees No Quick End in Sight for Joblessness Crisis “Speaking with ABC News’ Sam Donaldson yesterday, Federal Reserve Chairman Ben Bernanke described the recovery as “moderate-paced” and demurred on the issue of whether there might be a double-dip, saying, “There seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we’ll have a continued recovery.”” [...]
Comment posted June 8, 2010 @ 5:39 pm
Ben Bernanke is an idiot and should never have been re-appointed. Every other economist out there is saying that we are facing prolonged double digit unemployment, and to say that consumer spending is increasing is a joke. If it were, we would be seeing a significant increase in jobs, but because Bernanke seems to think that what happens on Wall Street is reflected on Main Street, he is not seeing the reality of the mess he created by his negligence and desire to prove that his policies are better than the ones that got us out of the Great Depression, which is that the government must create the jobs – such as rebuilding the rail system, upgrade the grid for alternative energy integration, improving infrastructure. Once people are actually working, they will start spending again, but until that happens, this recovery is only going to benefit the bankers and the top 1%. Of course, they are Bernanke's cheering section so that is not surprising!
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