Posted on 11/02/2011 11:44:56 AM PDT by Qbert
The Federal Reserve on Wednesday slashed its forecast for economic growth, raised projections for unemployment, and suggested Europe's debt crisis posed big downside risks to the U.S. economy.
[Snip]
Policymakers did not see the jobless rate falling to a level they consider consistent with full employment even at the outer edge of their forecasting horizon, the final quarter of 2014.
Officials now expect the world's largest economy to expand by a tepid 2.5 percent to 2.9 percent next year, down from the rosier 3.3 percent to 3.7 percent they were expecting in June.
They saw the unemployment rate going no lower than 8.5 percent to 8.7 percent by the end of 2012, up from the more sanguine 7.8 percent to 8.2 percent range envisioned in June.
(Excerpt) Read more at cnbc.com ...
Unemployment has been going up for 4 years and they keep projecting it will go down, year after year, while anybody who works, manufactures, knows that people are spending less...
WTF!
They want Americans to bail out Europe. we did in WWI and WWII and now they want hardworking americans to pay for retired workers in europe.
We should not do the 50% reduction by writing off debt or give them any money.
That is why they are saying our economy is in trouble due to them and it is not unless we bail them out - they will never pay it back.
“we did in WWI and WWII and now they want hardworking americans to pay for retired workers in europe.”
We have ALREADY spent almost (Maybe more) than a TRILLION DOLLARS bailing out Europe.
We ARE paying for Europe’s Social Welfare, and have been since the 60’s, when Europeans began reducing their militaries because WE paid for Europe’s protection.
Wow! that was unexpected! /s
Yep. We’ve bailed them out with TARP money, too:
“... there were nearly two dozen European banks, including Deutsche Bank, Banco Santander, RBS and Lloyds that received $50 billion of U.S rescue funds to cover their trades with AIG.”
Waiting for the ‘emergency’ measure to give away another 20 or so trillion so as to make things look good throughout the Christmas season.
Then come January it’s the same old, same old...
Restoring employment is not rocket science. We just have to make the products we consume instead of importing them. It’s not taxes, regulations, unions or the other smoke screens. Green jobs and lower taxes are election placebos. We’ve had prosperity with higher taxes and stronger unions.
It’s the the worldwide search for the cheapest labor, child, slave or otherwise where pollution and worker safety raise no concern. The end result will be American citizens working at 3rd world labor rates with more and more dependency on the government for stamps, welfare and health care with voting to match.
Even in an elections year, they can no longer hide this or play with the numbers...Too many people have been hammered.
Everyone knows the economy has been decimated, with tens of millions out of work, or had their hours/benefits slashed and reduced.
“We just have to make the products we consume instead of importing them.”
That won’t happen until we creat an ENVIRONMENT for those products to be made here, PROFITABLY, and wages has very little to do with it.
I been watching factories close, and good-paying jobs leave America SINCE THE 70’s. We are just now seeing the end results of 40 years of BAD LEGISLATION.
That was just minor “collateral damage” from the bailout of Goldman-Sachs via AIG. When G-S’s counter-party insurer went bust, only their friends in govt. could save them.
"Restoring employment is not rocket science... It’s not taxes, regulations, unions or the other smoke screens..."
Pretty early to be drinking...
You bet, 30 to 40 years of insanely bad leadership and corrupt government brought all this on as all the insiders told everyone destructive free trade policies like NAFTA were good for us...
They lied, and only a few super-wealthy benefited from these free trade schemes.
Off shore hundreds of thousands of American jobs and businesses, and at the same time government rolled out the red carpet for tens of millions of low wage illegals?
Is there anyone who thought this would end well?
Anyone??
How unexpected!
You hit the nail on the head. Trade deals were sold on only the low paying jobs would be lost and we would add high paying good jobs. Now about everything you buy is made elsewhere and the person on the other end of the Help Desk can't even understand you.
But when we made China a permanent free trading partner, jobs, factories, Treasuries and purchasing power when out on the high speed exit lane.
“Can’t spin this one, Politico...”
Sure they can. They are lowering it now to blame all of the lower growth projections on Europe.
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