Ben Bernanke: High unemployment rate to persist, even as economy revives - CSMonitor.com
Ben Bernanke said on Capitol Hill Wednesday, the pace of the US economy 'will pick up in coming quarters.' But the unemployment rate will decline slowly, he said, citing 'headwinds.'
I'm assuming he means "provided America as a nation still exists."
The pace of the US economy "will pick up in coming quarters," but the relatively high unemployment rate will decline "only slowly" because of "headwinds," Federal Reserve Board Chairman Ben Bernanke said Wednesday.
The Fedís latest forecast means that the jobless rate by the end 2012 will be high enough that it could imperil President Obamaís reelection bid.
Delivering his semi-annual report on monetary policy and the state of the economy, Mr. Bernanke told the House Financial Services Committee that the Fed would act to stimulate America's economy if such action were needed.