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Fed: 5 Years To get 6% Unemployment Rate

From an unquestioning Reuters:

Could take 5 years to get 6 percent unemployment: Fed’s Pinalto [sic]

By Jonathan Spicer
February 28, 2012

(Reuters) – The U.S. economic recovery is "frustratingly slow" and it could take four to five years to ratchet the unemployment rate down to about 6 percent, from more than 8 percent now, a top Federal Reserve official said on Tuesday.

The recovery is held back by the housing market and Europe’s debt crisis among other headwinds, but monetary policy is now appropriately positioned to eventually achieve this "maximum employment" level, said Cleveland Fed President Sandra Pianalto.

If we could just put some wind turbines up to take advantage of all of these ‘headwinds’ we have suddenly gotten under Obama, we wouldn’t have an energy crisis.

"We do not have a good deal of concrete history for monetary policy to fit our current circumstances, but I am confident the Federal Reserve is making the most of its tools to move the economy in the right direction," the Fed official said at an economic development meeting in Westfield Center, Ohio

And, don’t worry, if Obama needs a boost for his re-election, we will have a QE3.

Looking ahead, Pianalto said inflation should remain close to 2 percent for the next few years

Because $5 dollar a gallon gasoline won’t cause the price of everything else to go up accordingly. But then again, she might be right, since conveniently, gas and food are never counted among the core items in the government inflation index

[A]nd she repeated her expectation for a "moderate economic recovery" with growth of about 2.5 percent this year and about 3 percent next year.

U.S. gross domestic product grew just 1.7 percent in 2011 and the Fed, after a policy-setting meeting last month, said it expects GDP growth of 2.2 percent to 2.7 percent this year…

Prosperity is just around the corner.

This article was posted by Steve Gilbert on Wednesday, February 29th, 2012. Comments are currently closed.

6 Responses to “Fed: 5 Years To get 6% Unemployment Rate”

  1. monetary policy is now appropriately positioned to eventually achieve this “maximum employment” level, said Cleveland Fed President Sandra Pianalto.

    First of all I’m so glad that a Fed official is confident in the Fed. Makes me feel all warm and… like Federal Reserve math… FUZZY. And the brilliance of this statement, “We do not have a good deal of concrete history for monetary policy to fit our current circumstances” boggles the mind. We have NO concrete history for our current circumstances because we have never had a president or an administration that has been as monumentally irresponsible with our money.

    4% unemployment was unacceptably high under Bush, but 6% is the best we can look forward to (maximum employment) under this president no matter how wonderful everything is in our economy. No matter that we have been “rebounding” from this recession for 3 years now. Forget “recovery summer (was that 2009 or 2010… Times have been so great, it’s hard to remember). And even this rosey outlook is going to be 5 more years in the making? Economically, we may as well write off the next 2 decades. It’s going to take at least that long to get us out of the hole Oblameless is still actively and happily digging us into.

  2. geronl

    How many will be erased from the rolls or put on disability to get to that number?

  3. Rusty Shackleford

    Again, I must quote that bastion of sage wisdom, Charlie Brown when he told Lucy, “I don’t mind your dishonesty half as much as I mind your opinion of me; You must think I’m stupid.”

    I also don’t like a “news” agency being so pedantic. 6% unemployment? Wasn’t that 4.5% under Bush the evil workings of a devilish mastermind who only wanted to go to war?

    Nowadays, I haven’t opened a newspaper, watched a media news program or listened to the news on the radio or even on Sirius XM. It’s all crap. I can see the economy all around me and don’t need overly-wordy post pubescent journalist hacks trying to sell me on socialism.

    The notion that everyone is equal is a crock….has BEEN a crock and always WILL BE a crock. Equal means equal treatment under the law…the freedom to do as well or as poorly as your conscience and ability will allow. Yes, if you’re an idiot, the best you can do is be a journalist and that Pulitzer you so covet is for people who can write and think better than you. Get used to it. However, that statement is subject to some scrutiny as to the “write and think better” part. Indeed, it has become an award of dubious distinction.

    The desire to make “everything equal” is a crap-fest that billions of people have bought into throughout the ages. It can’t be done. Why, the very notion is self-contradictory as people fall in line to be “equal” while their “leaders” live luxurious lives and have great privilege as their minions accept that because they are somehow “superior” in their capacity as party leaders to make it all happen for them.

    Ugh…it makes me sick. Stupid, stupid people again wanting that false utopia called socialism and communism. History is lost on them which is ironic for journalists. Vichy France, Soviet Russia, Vietnam, China, Spain, Greece, North Korea, etc, etc, etc…none of it serves to teach them a bloody thing. That BS that the “right people” need to implement it is the biggest lie of all.

    Dovetailing on that….another irony….People like Hitlery who think the US has been doing it all wrong for centuries and depises the US superpower-dom…still thinks that she has some sort of sway in the middle-east. This is a contradiction of glaring proportions. So…it has to come down to her strap-on, bull-dyke of an ego. She sits there and sputters out her latest crapola as if she’s got her finger on the pulse of everything…and then it all falls to sh*t anyhow.

    These people are unbelievable losers. I wished I wouldn’t have to live through such times. Generally, my life and the life of this nation has been able to tolerate the hippie movement and generation. But with them in the government…all “enlightened” and everything from years spent in the classroom and dope-smoking sessions with “higher-thinkers” seems to really prove out that old commercial….”This is your brain……This is your brain on drugs.”

    They are monumentally stupid people. Intellectually inept. Unaware, illogical, and beyond simply just “imperfect”. The revel in doing the anathemic things that defy good sense. And they’re proud of it.

    Me: “Well, Hillary, so you went to the middle east. Why?”

    Hitlery: “To help them understand that the US isn’t going to sit by and watch as they kill each other”

    Me: “And, how did that work out?”

    Hitlery: (silence)

  4. GetBackJack

    Woo-hoo – I can finally save up enough to buy that new light-bulb I’ve been wanting!

    BTW – Rusty?

    My good man, funny as that is, I should think you’d have figured out by now that Hitlery is the CAUSE of Arab Springs, Arab Uprisings, Overthrows and the lot of it.

  5. Astravogel

    Who do these people get to call their dogs for them?

  6. Right of the People

    Rusty,

    Don’t you think the leaders of the third world countries over in the sandbox are double insulted by the Hildabeast? Not only does their Mooselimb buddy Barry send a woman to deal with them he’s sending a lesbian on top of that to add insult to injury.

    I’ll say this, the Mooselimbs have the right idea with the burka when it comes to “women” like the Hildabeast. In fact all the dimocrap women in congress should be required to wear them.


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