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 ...
Unexpectedly!
That's true right after WWII when we had destroyed all the manufacturing facilities in the major countries that we could charge any thing that we wanted for our manufactured goods.
Union wages and taxes were non-issues because the companies could pass them on with impunity.
Now we have destroyed our own.
NAFTA only increased the speed at which the factories were leaving, it wasn’t the cause.
Until people begin to admit THE GOVERNMENT ran out the jobs, we are going to stay in this situation.
Profits for a few, regardless of consequences.
I remember being warned about NAFTA and other schemes, open borders, and this great coming global economy many years ago...Way before Limbaugh, back when George Putnam was on the radio in LA...
Few listened.
Right. Ross Perot heard the SUCKING SOUND when he ran 20 years ago. It may take another 3rd party to hear the job sucking sound today. Both the major parties have Wall Street contribution ear plugs, perhaps one of them will remove them, the sound keeps getting louder.
They don’t have to spin it. It clearly signals Obama’s talking points moving forward.
Growth here will slow and unemployment will rise but it is NOT due to his policies but because of problems in Europe.
Then he will tell us all how much WORSE it would be had he not instituted the policies as he had. The same fools who fainted at his every word in 2008 and the media (I know, same thing) will eat it up.
Perot was exactly right, the sucking sound turned into a massive vacume which has nearly sucked the life from America.
The big party insiders quickly labeled him as wacko.
CAIN ABLE IS TICket... when liberals eat their own.
teeman
YES WE CAIN
Well, I *somewhat* agree...and think a key to that is reducing the barriers to manufacturing here.
However...let me ask you this: Who is going to BUY the goods that cost twice as much since they are made here?
Reported growth of 1%, with contraction in reality, is disastrous for the federal revenue projections. Who is talking about this?
Crickets........
The FED has basically said today that there will be NO JOBS, NO RECOVERY, and NO HOPE, until Obama is out of office!
From a ZERO HEdge Article:
“Bernanke actually just had the balls to say that fixed income investors shouldn’t sweat negative real rates of return — because they can invest in the stock market and see outsized returns due to ZIRP!
Nothing says stable, prudent retirement income like 2-3% daily market swings.
He really should be hung.”
That's a fair question. Price could be higher but then again I don't remember the price of imports being cut in half when they were made elsewhere. But granting that prices would be higher for goods but if government taxes were reduced [those that pay for extra stamps, welfare, unemployment, health care] it might net out OK for total living costs.
Also people earning more would probably be better off with higher prices. A buy American outlook would be better than a consumer economy where the goods are cheaper but unemployment causes less purchasing power to the further destruction of business. We keep sinking now.
But Joe Biden said we’d be creating 500,000 jobs a month a long time ago!
This isn’t fair! :(
People are hanged. Pictures are hung. Won’t comment further.
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