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Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

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Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Wed Apr 27, 2011 9:46 am

The expected cost of high unemployment, on the other hand, is steep. For one thing, the chances that unemployment will remain a problem are close to 100 percent. The debate is whether the country will return to full employment in four years or 10 years.

For another, the consequences of high unemployment are also awful. With fewer jobs, states and cities are short of tax revenue. Families lose their life savings. People’s health can deteriorate. For the long-term unemployed, the financial damage can be permanent. “If things go on and they simply sit at home or work very irregularly,” Mr. Bernanke himself said last year, “when the economy gets back to a more normal state, they’re not going to be able to find good work.”

Unemployment creates political problems, too. Historically, it has tended to make voters less willing to help their fellow citizens, as the economist Benjamin Friedman has written. It’s hard to imagine any grand political compromise — on the deficit, for instance — in an angry country.

http://www.nytimes.com/2011/04/27/business/27leonhardt.html?_r=2&hp=&adxnnl=1&adxnnlx=1303902166-Ae/uK0z3m3I+xNF7Fh

One question more than any than other is crying out for an answer: Why has Mr. Bernanke decided to accept widespread unemployment for years on end, even though he believes he has the power to reduce it?


Last edited by DesperateInRI on Wed Apr 27, 2011 11:01 pm; edited 2 times in total

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Wed Apr 27, 2011 2:03 pm

Krugman: The Conscience of a Liberal

Bernanke At Bat

I’ll outsource this to Atrios, who gets it exactly right:

The questions should focus on “why the hell do we have so much unemployment and why aren’t you doing more about it,” but my guess is they’ll be more along the lines of “will the deficit steal my bicycle” and “ZOMG INFLATION!!!!!!!?!?!!?”

I have to say, even I thought that we wouldn’t make the same mistakes we made in 1931; I thought we’d make different mistakes. But somehow conventional wisdom has gelled into the view that the course of wisdom is to forget everything we’ve learned over the past 80 years.

http://krugman.blogs.nytimes.com/2011/04/27/bernanke-at-bat/?smid=tw-NytimesKrugman&seid=auto

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Bernanke News Conference Update: Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Wed Apr 27, 2011 5:30 pm

Today 3:05 PM Long-term Unemployment: 'Out Of The Scope'
There's little the Fed can do to target long-term unemployment in particular, Bernanke said.

Part of the Fed's mandate is to promote maximum employment. But two months from the end of the second asset-purchase program, the unemployment rate is high, at 8.8 percent. The number of long-term unemployed, people who have been out of work for at least six months, is now higher than it's ever been since World War Two, Bernanke said.

But there's only so much the Fed can do, the chairman said.

http://www.huffingtonpost.com/2011/04/27/fed-chief-bernanke-holds-_n_854260.html#10_longterm-unemployment-out-of-the-scope


"We dont have any tools for targeting long-term unemployment specifically. We can just try to make the labor market work better broadly speaking," he said.

"It becomes really out of the scope of monetary policy. At that point, job training, education and other types of interventions would probably be more effective." —William Alden

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by jmainframe on Wed Apr 27, 2011 10:27 pm

"Out of the scope"?!?

He should have said, "Off the scale"!!

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Wed Apr 27, 2011 11:06 pm

"Long-term unemployment in the current economy is the worst, really the worst it's been in the post-war period," Bernanke said in his first news conference following a Fed policy meeting.

Bernanke noted that about 45 percent of those without jobs have been unemployed for six months or longer amid a slow recovery from recession.

"We know the consequences of that can be very distressing, because people who are out of work for a long time, their skills tend to atrophy."

http://tinyurl.com/6bxa6ct

Just my opinion, but I don't think our skills tend to atrophy. What happens is we are beaten down from rejection after rejection, we lose our self-esteem and fall into deep depressions. It has nothing to do with our skills. There are no jobs.

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Jobless_in_Ma on Thu Apr 28, 2011 12:20 am

With no JObs being made and no job retraining programs of worth being offered, mainly because the US officials dont know where the Jobs are going to come from, this leaves MILLIONS of skilled SMART individuals in limbo.
Meanwhile companies continue to outsource jobs and none of the tax loopholes for businesses who offshore have been eliminated.

What did we expect to happen? IMHO NO progress has been made in reversing what wnt wrong. In fact we bailed out those who did set us down this path..

Im disgusted by all of this frankly.

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by mistermunster on Thu Apr 28, 2011 4:57 am

Jobless_in_Ma wrote:
What did we expect to happen? IMHO NO progress has been made in reversing what wnt wrong. In fact we bailed out those who did set us down this path..
.

This is at the CORE of the problem. They REFUSE to address the loopholes, tax cuts etc. to those that caused all this mess. No one will stand up and just SAY...They are GUILTY and they MUST pay for their crimes. But no...they get a FREE pass and a trillion of dollars bailout. And nobody says boo.

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by suri on Thu Apr 28, 2011 11:13 am

Count me in! The uncounted, the unemp, will only be addressed when SOMEONE realizes this country CANNOT succeed or thrive with 20% + on the sidelines and in the bread lines! We have to GROW our way out of this dilemna and the time being wasted in stagnation is just that...

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by nuttin2lose on Thu Apr 28, 2011 11:17 am

Three letters WPA for the long term unemployed, and as they now call us exhaustees, chronic unemployed.

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Thu Apr 28, 2011 11:22 am

nuttin2lose wrote:Three letters WPA for the long term unemployed, and as they now call us exhaustees, chronic unemployed.

It is the only way out of this - it has a proven track record, it worked in the 1930's and it can work now!

Just a thought though, back then, women were basically homemakers and were not as dominant in the workforce. A new WPA needs to include jobs other than highway and construction jobs.


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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by nuttin2lose on Thu Apr 28, 2011 12:19 pm

Yeah I doubt this old man could do that work anymore. LOL Seems I vaguely remember talk about a massive update of medical records by entering them on computers. Maybe jobs along these lines? Course I m assuming that they really care and want us to be able to work again!!

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Thu Apr 28, 2011 12:22 pm

nuttin2lose wrote:Yeah I doubt this old man could do that work anymore. LOL Seems I vaguely remember talk about a massive update of medical records by entering them on computers. Maybe jobs along these lines? Course I m assuming that they really care and want us to be able to work again!!

Perfect job for us "old people"! Didn't that have something to do with the new Health Care Reform that the GOP is trying so desperately to knock down?

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

Post by Guest on Thu Apr 28, 2011 3:59 pm

I know folks who have been training in Health Records, going to Comm College Programs. Hopefully, they will find some of that work when the Health Care Reform takes hold. I've been waiting to see just where the new jobs will be created as well. I have a legal background, and I was looking into medical credentialing, etc. But, I'm almost afraid to pursue something and then be so disappointed because I have no experience and can't compete with a younger applicant with no exp. And, they always want so much exp now for any job anyway. Don't know if I could get a loan, been out of work too long. WIC says money is drying up now for retraining. They are getting wise to the for profit schools charging a fortune to teach you to cut hair.

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Re: Fed chief concerned by US long-term unemployment - Long-term Unemployment: 'Out Of The Scope'

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