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Tuesday, June 7, 2011

Banana Ben Speaks: Workers now long-term Unworkers

Comrade Chairman Banana Ben Bernanke is slightly worried about long-term unemployment in the People's Republic of the United States.

Central planning did not work for the Soviet Union. It hasn't worked for Cuba or any Communist nation. Why will Federal Reserve central planning be any different?

Why do 12 people in a closed conference room get to price fix interest rates and decide now much money the government can create?

Chairman Ben S. Bernanke Speech:
At the International Monetary Conference, Atlanta, Georgia, June 7, 2011
The U.S. Economic Outlook --
Developments in the labor market will be of particular importance in setting the course for household spending. As you know, the jobs situation remains far from normal...

Particularly concerning is the very high level of long-term unemployment--nearly half of the unemployed have been jobless for more than six months. People without work for long periods can find it increasingly difficult to obtain a job comparable to their previous one, as their skills tend to deteriorate over time and as employers are often reluctant to hire the long-term unemployed...
 word cloud via Zero Hedge:
Bernanke Speech And Word Cloud

This chart shows the problem, a large spike in the average duration of unemployment (now almost 40 weeks) from the Bureau of Labor Statistics:

Michael Shedlock / Mish's Global Economic …:   Bernanke's Self-Serving Bold-Faced Lies
Mark Gongloff / MarketBeat:   Bernanke Sticks to Status Quo, Stocks Dive
Neil Irwin / Washington Post:   Bernanke: Economy can withstand recent setbacks

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