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Bernanke: No Economic Good News

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Mike

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Federal Reserve: Unemployment to stay high
CBSnews.com | June 20, 2012 | Anthony Mason

(CBS News) NEW YORK - We have been struggling through the weakest economic recovery the U.S. has seen. On Wednesday, the Federal Reserve projected more sluggish growth and high unemployment ahead. The Fed said its last forecast back in April was too optimistic.

The Fed's projection has changed for next year. It had expected growth in the economy to be as little as 2.7 percent. But on Wednesday, the Fed revised that down to as little 2.2 percent growth. In April, the Fed had also projected unemployment might stay as high as 7.7 percent-- it revised that up to 8.0 Wednesday.

The chairman of the Federal Reserve, Ben Bernanke, said he will try -- once again -- to jolt the economy out of neutral. The Fed moved to push interest rates already at record lows even lower. Bernanke wants to reduce borrowing costs for businesses and consumers to keep the economy from stalling again.

"Underlying all this, of course, is the fact that the outlook has changed," Bernanke said. "Like many other forecasters, the Federal Reserve was too optimistic early in the recovery."
 
A

Anonymous

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Its appearing more and more like the economists that claimed it could take over 10 years for the economy to recover from the Bush Bust- while many individuals never will- were probably right...

GW's Depression was the worst since the Great Depression of the 20's..

The Bush Bust left the average American family in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, reducing their net worth by almost 40%....

Hard to recover from under the best of conditions- but then when you have two warring political parties that would rather see the countries economy fail then give up playing their partisan games - or compromise on a direction- its ten times harder...
 

Mike

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10 years huh?

Liar


MSNBC- The panel of 47 top economic forecasters thinks “any recession, if it occurs, will be short and shallow,” Hughes-Cromwick said. 2/25/2008
 

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