Skip to comments.Bernanke: Lack of jobs is top problem
Posted on 11/30/2010 7:07:31 PM PST by DeaconBenjamin
The economy is growing again after the worst recession in decades, but not quickly enough to deal with what Federal Reserve Chairman Ben Bernanke said is the top problem -- a lack of jobs.
"We're not growing fast enough to materially reduce the unemployment rate," Bernanke said as he met with executives from local and national companies at Ohio State University today.
Bernanke said an economy that lost 8.5 million jobs during the recession has added back only about 1 million so far.
The unemployment rate has barely fallen since the recession ended. Even worse, about 40 percent of those without a job have been unemployed for at least six months, he said.
"That is very unusual and it's very worrisome," he said.
Bernanke mostly listened as a group of executives, including the CEOs of Ford and IBM, talked about what they need so that they can hire more and help their companies grow. The biggest needs: Clarity from Washington on regulation and tax and energy policies, access to credit, fair trade policies and the need for innovation.
All five business leaders on the panel - which also included top officials from Jeni's Splendid Ice Creams, architectural firm Moody Nolan and information technology company Sophisticated System - said they will be hiring this year.
(Excerpt) Read more at dispatch.com ...
End H1-b now!
I wonder if Bernake realizes who and what has caused to the collapse of our capitalist economy, the confidence in it worldwide, and really WHO should be fired???
Another Washington genius.
End the fed and put these criminals in JAIL.
Lack of jobs? What’s he talking about? Not in Bangalore!
With Barry and Biden out there with their pockets full of spending money, I am not surprised by this. They are a couple of ice cream eating fools.
Meanwhile Obama plays basketball.
While Obama/Reid/Pelosi pass as many job killing measures as they can.
But...but...Ben has a Ph.D.! He studied the Great Depression. He has it all figured out! Drop trillions of dollars from the helicopter and everything will be fine. /sarc
Deflation is on the way. 2011.
How much is this rocket scientist paid for such brilliant detective work?
Just breaking news, Ben: water is wet and fire will burn you. Unbelievable.
There is one jobs problem I wish he w as worried about...his own lack of one.