What a bunch of hooey!! Why not admit that Congress appears to have underestimated the profound effect of passing legislation to raise the minimum wage on the labor market. Or Congress appears to have grossly underestimated the chilling effect on the economy that changing the entire health care system would have! Or Congress appears to have grossly underestimated the effects that steeply increasing the national debt would have on money markets, consumer confidence, and banking behavior??
Or Congress appears oblivious to the costs of the threat of unnecessary Cap and Trade legislation hanging over the heads of business leaders and wonders why business refuses to expand!
Well, I feel relieved then. Looks like I won’t have to work for a decade. !YAY!
/sarcasm
These people who write these articles don’t know from shinola about economics. Who would have guessed that Obama’s “shovel ready” programs were intended to dig a giant hole for the economy! We did!
If the US wants to regain its prowess it needs to do three things, one - shut off immigration except for needed skills, no point having excess workers for few jobs, two - invent something that gives us an advantage and make sure corporate America does not give it to China or India in order to access cheap manufacturing labor, and finally, three - no foreign students should be allowed access to study our latest technological achievements. Where do you think the BRIC nations get the skills to close the technology gap between them and us. I know, free trader/libertarian freepers will say not possible, can’t work. Apparently they never read the story of silk.
The 4.5-5.5% range is a little on the low side. Milton Friedman had a theory that if unemployemnt went too low (or below natural rate) that it would become inflationary. It might have has something to do with that inflation spike we had in the 2005-2006 time frame.
A little context goes along way toward setting expectations about what is possible or even likely and I could see it taking 10 years to get back to the 4.6ish in 2005 even under better circumstances.
If congress keeps going to the fiscal stimulus and energetic government trough, I doubt the unemployment rate will budge much lower than 8-9% over that same decade. It will likely get worse before the decade is over due to the fact that we’ll be somewhere in the area of 100% public debt to GDP ratio between 2015 and 2020 and that will bring more economic problems.
These guys just don’t get that their policies are preventing a recovery. Something has to change in the future outlook in order to get the economy moving again, and this congress and this administration has done nothing but take any positive things we had going into 2008 and chip away at them. If the governemnt had managed to correct whatever problems that truly needed correcting, rather than not letting a crisis go to waste, we would have been well on our way to recovery by now.
The depression of 1921 is wonderful example on how the government should handle economic down turns. And the Great Depression is a prime example of what happens when government doesn’t let a crisis go to waste.
SitCom, anyone?
Or we kick ass an take em out in Nov.
That’s “Franken*stein*,” although it’s pronounced “Fronk-en-steen.” I don’t know what business leaders should do, but I do know one thing they won’t do: invest their assets (and a$$es) while we have delusional psychopathic narcissist in our White House. 2013 can’t come soon enough. I just hope we don’t have to oust him from the WH sooner than that.
Can't have a workers' paradise without work. Eventually the snake that eats its own tail runs out.
Thank you Democrats.
Workers, middle class, small business are the shock absorbers of the economy. We are to suck it up during down times, and provide taxes during good times.
Jobs are tools of production and commerce. By promoting the latter you create the former. Repeal this year’s two major reforms and the that employment level returns in less than five years. Pass Franken-Ellison and it’s gone for decades.
as soon as the socialist is removed from office the economy will start to recover.
so our Oligarchy thinks We the People will leave them alone for another decade?!!!These “rulers” are silly...and endanger us all by their sheer incompetance.
Bush's fault.
Longer than that if 0 keeps hiking taxes.
“Congress appears to have underestimated the profound effect of the current recession on the labor market.”
We didn’t realize how big of a mess Bush left us!!
If only we spend some more!!!!