Bernanke: It will take years for jobs to come back

[somone]

http://www.usatoday.com/money/economy/2011-01-07-bernanke-testimony_N.htm

Fed boss: It will take years for jobs to come back
By Jeannine Aversa

WASHINGTON — Federal Reserve Chairman Ben Bernanke told Congress Friday that there's increasing evidence that a "self-sustaining" economic recovery is taking hold, but he said the Fed's $600 billion Treasury bond-buying program is still needed because it will take years for unemployment to drop to more normal levels.

In testimony prepared for the Senate Banking Committee, Bernanke said the economy should grow more strongly this year as consumers and businesses boost their spending.

But he said even with the expected improvements, it could still take four to five years for unemployment to drop to a historically normal rate around 6%.

Bernanke spoke just after the government released a disappointing employment report. Employers added only 103,000 jobs in December. The unemployment rate fell to 9.4%, but that was partly because people gave up looking for work. The report suggested slow healing in the jobs market. Many economists expected much bigger job gains...

[Parche]

1. thats because they have all been

shipped over to fukin India :grr:

[notesdev]

2. They will NEVER come back

without a MAJOR change of trade policy.

We cannot do "free trade" with slave labor states with no environmental regulations on industry.


And we also need to change the tax policy that advantages moving jobs out of the country, that's something so obvious I can't believe it's not front and center.

[Vinnie From Indy]

4. +1

Cheers!~

[badtoworse]

5. You are 100% right about that

We need to level the playing field with countries that realize a competitive advantage by trashing the environment. China is maximizing their use of coal as a fuel source while we are forcing our industries to compete using energy that costs 3 times as much because of environmental regulation and mandates to use renewable sources. How much sense does that make?

The labor cost question is a bit more complex. True slave labor is an outrage and we should not allow goods produced that way to be even sold in this country. In principle, I don't have a problem with American labor having to compete with labor in foreign countries. It gets complicated when the foreign labor is provided with healthcare by the government and American companies are paying healthcare costs for their workforce. The same issue applies with respect to other costs like social security. I'm not sure how you level that playing field.

What I can't understand is the outrage on DU about Obama's administration meeting with business leaders to address their concerns about doing business in the US. The argument is "we're rewarding them for sending jobs overseas". Doesn't anyone have a clue as to why they left? It's expensive to manufacture in this country and the jobs won't come back until we address that. How is that ever going to happen if government and business don't cooperatively work to lower the cost of doing business here?

[raccoon]

3. What makes anybody so sure they WILL ever come back? nt

[cutlassmama]

8. +1. It's not like he's been wrong before or anything, LOL

[conspirator]

6. FUCK YOU BERNANKE. They are not coming back. I know that.

You are just trying to gain time before the economy collapses, while keeping the working class quiet in hope.

[jtown1123]

7. Bernanke is a hack like Alan Greenspan who ruined our economy.