The chairman was asked if the outlook of the U.S. economy was so gloomy, why would the Fed wait to enact more monetary policy. Bernanke said the Fed has been very aggressive. He said what the Fed has are projections, so “it’s important to see what happens.” One thing economists have said over the past few months, is that the Fed is running out of economic tools. But Bernanke ruled that out, saying the Fed still has a “broad range of policies” to stimulate the economy.
However, he called on the political arm of the United States to help the Fed.
“I hope there will be a broad range of actions that complements” Fed policy, he said.
”” On Europe’s sovereign debt crisis, Bernanke said their woes have been drag on a U.S. recovery, but it’s up to Europe’s leaders to make the decisions.
[i]I hope there will be a broad range of actions that complements” Fed policy, he said[/i]
The two most important actions that will boost the economy are 1) Dumping Obamacare and 2) Dumping Obama and the whole administration.
EXACTLY!
I’m not a businessman, and I’m not especially well-versed in the matter of economics, so I can’t comment on policy with any degree of competence. Instead, I’ll say this: [i]This country desperately needs jobs, and we need them YESTERDAY![/i] Businessmen know that.
Yet, companies like Lowe’s, for instance, are closing stores across the country (19 so far) and opening new ones in areas where they can earn more in profits. We are losing one of their stores here in Los Banos next month, and 97 people will lose their jobs……right before the holidays. Merry Christmas, folks! Nice present, isn’t it?
Large employers are more concerned about profit margins than they are about their employees…..many of whom have been with them for years. Is this right? Yes! Is it fair? No! Familes who earned a decent income now face unemployment with few job prospects, welfare, food stamps, no medical coverage, loss of homes……..and the list goes on. Yet I don’t see executives worrying about where their next meal is coming from, or whether or not their children can stay in college.
Where’s the fairness in it all? Where’s the help going to come from……if it ever does come?
Think about it.
And don’t get me started on these companies’ trying to help laid-off employess in finding new jobs! It isn’t happening…….or at least not in the San Joaquin Valley.
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I’ll just say that as an employer, we can’t afford to hire anyone any more, even though we could use the help. Employees are viewed as a liability, not an asset, given the cost.
As just one item, post Obamacare our healthcare premiums for employees have skyrocketed, with both Blue Cross and Kaiser announcing yet more increases this past week. Blue Cross premium increases in the past year and a half have totaled 38.1%, Kaiser 31.1%. This will mean yet more employee layoffs by businesses, where possible.
Businesses cannot survive in this type of economic environment, with regulation costs and taxes becoming more and more of a burden, and with revenues steadily decreasing. Until we have a basic change in the folks running Washington and the rest of the country, and things like Obamacare get repealed, things are going to get worse and worse. Small businesses, at best, are in survival mode, trying to make it from payroll to payroll.
And in the meantime, chronically unemployed people here are losing their homes, their health, and their ability to support their children. But most important of all, they’re losing all hope of ever finding a job……ANY job. Some are begging on the streets and digging into garbage cans for food. The churches are helping, to be sure, but even some of THEIR members are in need. Where does it end?
And I’m sorry, but what are these people supposed to do? Their problems aren’t just going to go away! Sticking your head in the sand and saying you’d like to hire them, but you “can’t afford to?” That’s a copout. How about lowering your expectations for a certain profit margin, therefore cutting your profits a bit in order to help lower the unemployment rate? It seems to me that if Big Business all across the country would accept lower profits, we would all benefit in the long run……including Small Businessmen.