More sluggish growth and high unemployment? Sounds like another "recovery" we'll have to recover from...
(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."
That's just because Mitt is downplaying this juggernaut of economic recovery we're all enjoying. You really should read the Huffin' Stuff Post. All is well with our economy, unemployment doesn't matter.
OmniScience wrote: That's just because Mitt is downplaying this juggernaut of economic recovery we're all enjoying. You really should read the Huffin' Stuff Post. All is well with our economy, unemployment doesn't matter.
:thumbsup: Barack "Baghdad Bob" Obama, "The private sector is doing fine."
Thomas Sowell: There are no solutions, just trade-offs.
OmniScience wrote: That's just because Mitt is downplaying this juggernaut of economic recovery we're all enjoying. You really should read the Huffin' Stuff Post. All is well with our economy, unemployment doesn't matter.
:thumbsup: Barack "Baghdad Bob" Obama, "The private sector is doing fine."
Ain't that the truth I wonder what shiny object he's going to dangle in front of his sheep to get them excited again?
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
People used to pick on Obama calling him Carter II, but I am starting to think President Carter had more ability and experience than Barack Obama. And he did try to negotiate with Congress wheras BHO just goes to fundraisers.
Thomas Sowell: There are no solutions, just trade-offs.
More bad news, a number of big banks just got their ratings downgraded. Market will decline tomorrow. Expect home prices to slip too, more wealth lost.
Thomas Sowell: There are no solutions, just trade-offs.
I wonder what shiny object he's going to dangle in front of his sheep to get them excited again?
