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The American economy looks like it is headed into a stall, as does the Europeans. And look what we've done to try to get it moving over four years. I mean, the Fed has tripled the money supply. It's refinanced the banks. It's zero interest rates. You've got the stimulus package and, what, four straight trillion-dollar deficits to pump it up, and it's still not moving. And it's not moving in Europe. And it's hard to know what is going to get it going, and also I think we're headed for the fiscal cliff in January. There just is no good news right out there.
-Pat Buchanan |
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Federal Reserve Chairman Ben Bernanke, in his Senate testimony, sketched a gloomy outlook for the U.S. economy. The chairman offered no hint of further government money. Here are the economic stats. Item: Unemployment, 8.2 percent last month and over 8 percent for the last three and a half years. Item: Job growth slows from 226,000 per month, January through March, to 75,000 per month, April through June. Item: The Eurozone crisis, which Barron's Weekly says should be resolved by this formula: One dollar should equal one Euro. Chairman Bernanke chided Congress for failure to act on fiscal policy. He warned that without help from Congress, we would face a double-dip recession, with 1.25 million fewer jobs created next year. |
