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The Federal Reserve minutes released Wednesday show that all is not well with the U.S. economy. The Fed put it bluntly by saying that if the economic outlook "were to worsen" further central bank action might be needed.
Fed officials expect below normal growth through 2012, and their outlook on unemployment has dipped. They said that it may take as long as five or six years before the economy returns to a longer run sustainable path.
There seems to be little pressure on inflation. The Fed uses the price index for personal consumption expenditures, excluding food and energy, as its main tool. The estimates are for inflation to remain in the 0.9% to 1.2% range.
Growth estimates were lowered to between 3% to 3.5%, down from 3.2% to 3.7%.
Unemployment projections are worse than the April projections. Unemployment is the anchor weighing the economy down. The Fed's biggest blunder is that it did nothing to reduce unemployment. Instead, Bernake pledged and/or spent $11.2 trillion to bail out a handful of bankers.
Can you imagine what $11.2 trillion could have done to solve the unemployment problem? We would have been able to put people back to work and our economy would be swinging. Instead, the handful of bankers are going along merrily without a care in the world as their profits keep rising, while we have about 17 million unemployed and underemployed.
Should the Fed do something about unemployment?.
Unemployment projections are worse than the April projections. Unemployment is the anchor weighing the economy down. The Fed's biggest blunder is that it did nothing to reduce unemployment. Instead, Bernake pledged and/or spent $11.2 trillion to bail out a handful of bankers.
Can you imagine what $11.2 trillion could have done to solve the unemployment problem? We would have been able to put people back to work and our economy would be swinging. Instead, the handful of bankers are going along merrily without a care in the world as their profits keep rising, while we have about 17 million unemployed and underemployed.
Should the Fed do something about unemployment?.
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