Posted on 11/11/2011 9:56:30 AM PST by SwinneySwitch
WASHINGTON -- Federal Reserve Chairman Ben Bernanke on Thursday tried to reassure U.S. soldiers, a group hit hard by high unemployment, that the Fed is working to strengthen the economy.
In a speech at Fort Bliss, Bernanke told the soldiers and their families that the Fed is trying to lower unemployment.
He talked about the Fed's policies of keeping short-term rates near zero and buying securities to try and lower longer-term rates, such as mortgages.
Many veterans of the Iraq and Afghanistan wars are returning home to find few jobs and limited prospects.
The unemployment rate for veterans of those wars was 12.1 percent in October.
That's up from 10.6 percent a year ago and well above the national average of 9 percent.
"I'm here because the men and women in military service, like all Americans, are profoundly affected by the economic challenges our nation has faced these past several years," Bernanke said during the speech.
Bernanke also acknowledged that the growth at Fort Bliss in recent years helped to insulate El Paso from some of the economic troubles seen across the country.
"There was more job creation, more housing," he said.
The chairman added, however, that the business of war is not the best way to stimulate an economy.
"If you're going to be spending government resources, why not spend them on roads and bridges and schools?" Bernanke asked.
The town hall meeting was the latest in a series of public outreach efforts Bernanke has made to underscore the efforts the central bank is pursuing to help ordinary Americans cope with the Great Recession.
(Excerpt) Read more at kvia.com ...
I don’t care how weak our economy is, we have to honor our commitment to our vets. Even if we have to cut the salaries of all government employees and stop all payments to other countries. Our vets come first.
It is truely bizarre to see a Fed Chairman visiting a military base to do political campaigning.
This has to be a first. The Fed Chairman is not an offiical of the Executive Branch, should be non-political, and should not campaigning in any form.
My thoughts exactly. I don't recall it ever happening before. Must be a reason he needs to be out of Washington for a few days.
I don’t know about helping the economy, but Bernanke has been doing everything humanly possible to devalue their and everyone else’s paychecks for years now.
Some people have no shame.
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