US unemployment to remain high for years,says Bernanke

[Gerald]

The US unemployment rate will not return to pre-financial crisis levels for "several years", Federal Reserve chairman Ben Bernanke has said.

Until the economy sees sustained and strong job creation, "we cannot consider the recovery to be truly established", he added.

Mr Bernanke also said the US government budget deficit, which rose sharply during the crisis, was "unsustainable".

The long-term challenges of reducing the deficit were "daunting", he added.

This was because the underlying reasons for the deficit were not additional government expenditure during the crisis, but "the ageing of the population and rapidly rising healthcare costs", he told the Congressional Committee on the Budget.

http://www.bbc.co.uk/news/business-12408533

Note: 9 February 2011 Last updated at 16:40 GMT

[Factor]

Great. I had a small photography business that was worth about 80 thousand a year, shooting motorsports up until 2009. Great fun.

Now, I deliver food to people. I fu#king hate my life. :wah:

[gimpy117]

photography can be spotty too. Sports still warrants a professional. My parents used to be professionals for families and weddings. Unfortunately, now people just do it themselves.

but im sorry to hear that happened to you, hopefully you'll get back in the business soon.

[STEED]

According to the news in the UK, US unemployment is down and manufacturing is up and America is looking Rosy again.

Is this true?

[Ducimus]

According to the news in the UK, US unemployment is down and manufacturing is up and America is looking Rosy again.

Is this true?

I dunno. I saw this linked on another messageboard yesterday (makes me wonder):
http://static.businessinsider.com/image/4c7e78717f8b9a1c200d0300/plutocracy.jpg

Goes right along with:
15 Mind-Blowing Facts About Wealth And Inequality In America (http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4)


If this isn't all spin doctored for one reason or another, we are well and truly screwed.

[Platapus]

I think there will be quite a few industries/businesses that will never come back as people are deciding not to spend their money on frivolous non-essentials any more.

I know that my family has stopped buying stuff we used to spend money on.

I am sure I am not the only household that is saving up for stuff instead of buying on time and prioritizing the stuff they do buy.

I don't think I will ever want to go back to my old, irresponsible habits.

[bookworm_020]

People a less likely to believe the hype that marketers are saying to sell their products. When you have emptied the bank account and maxed the credit cards it's hard to justify spending on any luxuries.

[gimpy117]

It's funny. America in itself is a giant ponzi scheme. We, as a people are supposed to pay into the economy and continue the spending, even though our share in the earnings keeps shrinking. So every year, we need to buy buy buy but the progress to the economy all goes to the higher brackets, and inflation marches on. Every time I hear an economist say "the middle class needs to spend more" I laugh cynically a bit. Because to spend we need to largly borow...and we know where that got us.

[bookworm_020]

Every time I hear an economist say "the middle class needs to spend more" I laugh cynically a bit. Because to spend we need to largly borow...and we know where that got us.

Me too! The same "experts" also say we need to cut down on the use of credit and live within our means!
Retailers here in Australia have had a very poor Christmas / new years period, as they had to discount heavily to get people into shops. Most people were going online to take advantage of good exchange rates and better prices overseas. Retails then kicked up a stink over it and wanted taxes and protection. You could hear the laughter all over Australia at the crocodile tears they were shedding! After years of them getting good margins for little effort, people were researching prices and showed how little loyalty they owed to the big retailers!

Getting back on topic...... Australia's unemployment is now down to 5%. This is mainly due to China and India's demand for raw materials for their own economy. Even with the flooding, fires and cyclones, it is expected that there could be shortages of skilled workers, causing prices to rise and interest rates to keep on increasing. Talk about being on the other side of the coin....

[Gerald]

Different institutions have different measurements, and shows different response in this case, so what is right should probably be taken with caution.

[Armistead]

I know homelessness has skyrockted. A large city lake surrounded by a few thousands acres is behind my house, lot's of trails and shelthers taken over by the homeless. Slowly they have figured out where the neighborhoods are around the lake and we've had many break ins. We don't even let our son go play in the woods like he did just a few years ago. The police and city constantly remove them, but they always come back.

[Gerald]

I know homelessness has skyrockted. A large city lake surrounded by a few thousands acres is behind my house, lot's of trails and shelthers taken over by the homeless. Slowly they have figured out where the neighborhoods are around the lake and we've had many break ins. We don't even let our son go play in the woods like he did just a few years ago. The police and city constantly remove them, but they always come back. Are they homeless aggressive, they usually tend not to be the...

[Armistead]

Are they homeless aggressive, they usually tend not to be the...


Depends I guess. Live in a rather middle class hood, although we have a richer section at the bottom of the hill. The problem is many paths from our neighborhood for walking lead to the lake trail, they finally followed them.

Agressive or not, breaking into homes becomes a problem. I had my out building ransacked, many items stolen.

Do I feel for them, of course. I could care less if they stay in the shelters around the lake, but it's city public property for entertainment, thousands walk the trails, so they push them out. Many had small huts, set up camps, etc...some were even hunting back there...course I have a bow stand not far from my house myself...total of 4000 acres connected, except for a few passing roads, some big arse deer back there, but with all the people, very dangerous to shoot guns.

[Gerald]

Depends I guess. Live in a rather middle class hood, although we have a richer section at the bottom of the hill. The problem is many paths from our neighborhood for walking lead to the lake trail, they finally followed them.

Agressive or not, breaking into homes becomes a problem. I had my out building ransacked, many items stolen.

Do I feel for them, of course. I could care less if they stay in the shelters around the lake, but it's city public property for entertainment, thousands walk the trails, so they push them out. Many had small huts, set up camps, etc...some were even hunting back there...course I have a bow stand not far from my house myself...total of 4000 acres connected, except for a few passing roads, some big arse deer back there, but with all the people, very dangerous to shoot guns. What does the municipality of them homeless, there is a plan to tighten up things?