Posted on 06/21/2012 12:07:31 AM PDT by John W
(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."
(Excerpt) Read more at cbsnews.com ...
If Obama loses in November I think you’ll see things starting to loosen a bit up right after the election.
Hopefully, if the whole mess hasn’t went too far over the cliff by then.
Romney's problem is that he's still in the mode of trying to convince the American people that the economy is not doing so well. That's all fine but we know that because we are living it. Now tell us how you're going to turn things around.
There is a point where cheap credit becomes toxic. It’s the point where the productive are being buried by taxes, regulations, and (in many cases) existing debt from trying to deal with taxes and regulations.
We’re WAY past that point.
So what is obama’s lackey trying to do? It’s called “monetizing the debt,” and it always ends in hyperinflation, stagnation of productivity, economic misery, and then violence.
It’s apparently what they want...
“to keep the economy from stalling again”
Nope...”to keep, their, economy from stalling...”
“We have been struggling through the weakest economic recovery the U.S. has seen”
“Recovery”??? since when?
A “recovery” of food stamp cards, Federal pension and retirements, unemployment 12-24-36 month insurance, 15 trillion deficit so called “recovery” ?
Until the Great Theft ends, real Americans are keeping wallets shut, thus unemployment high.
I agree; it is easy to abide by the FReeper boycott list when there is no more discretionary income. I could run up more debt (I have available credit), but I’d rather pay down what I have and will just have to live with the consequences of my selfishness on our consumer-driven economy.
I have a car mechanic and dentist who would both love to make thousands off of me; they can wait.
...flip of the coin on this one since Obama has doggedly swelled the ranks of the first and disenfranchised many of the latter.
That pretty well covers it.
If they would use the REAL numbers (not just people drawing unemployment compensation) but people who are not working Who want to work at a meaningful job, not greeters at Wallmart or burger flippers at Mickey D's.
The real numbers are probably closer to 20% unemployed.
“weakest economic recovery the U.S. has seen.”
Wouldn’t that statement require some positive improvement?
There is no recovery.
Every business I see is riding the red line of disaster.
I don’t think the sentence even belongs in what is supposedly a straight news story as it is written. Stated as fact although it is simply the opinion of the reporter, Anthony Mason. But, you’re right, in addition to that it is based on a false premise.
The Great Depression was the result of several things but some important similarities to today;
-Woodrow Wilson, the most radical left president prior to Obama.
-The creation and actions and irresponsibility of the Federal Reserve
-Keynesian economics
If Obama is re-elected it will take a world war to get us out of it. And it will take a world war where we are somehow miraculously left unscathed while everyone else’s economy and industry is destroyed, which is unlikely
Well, as far as world war goes, the stage is set.
Like two weeks before the election in October. This whole mess, Europe, too is being orchestrated and we are being played and beaten like drum.
It will be less not that the illegal invaders can openly go after what few low paid jobs are left. High paid they can forget, they don’t have the education for them.
Even US Citizens over 50 with tons of experience are being asked to take below par wages IF they can find a job. Lots of employers do NOT want any one over 40. Then you start to see the health cost issue come into play. As for these wet behind the ears just out of college, you have NO experience so it is low wage jobs and work your way up the ladder, just as they did in our parents days.
I started as a janitor, ended up as a wire harness maker making a whopping $5.50 a hr, before I was fired for being absent to much...baby was in the hospital, factory was notified...yet the ‘barbies’ who were sleeping with the bosses regularly missed Monday’s from weekend hang overs and were never even given a warning. I worked faithfully sick and all for 7 years, take off once with notice of sick child in hospital and I get fired. Union was useless. But they sure liked my dues.
<I will not vote for the likes of Snowe, Collins, Graham or the former Specter...zebras DO NOT CHANGE STRIPES. Once a Socialist always one.
We are SLAVES to the government for 6 months of the year so they can live lavish life styles. Friends don't let friends vote for RINOS!
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