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Friday, January 03, 2014 3:26:10 PM
Bernanke: Recovery 'remains incomplete'
http://money.cnn.com/2014/01/03/news/economy/bernanke-speech-aea/
His peers credit him with mitigating the deepest recession since the Great Depression, but with less than a month to go until his term ends, Ben Bernanke is hesitant to call his eight years as Federal Reserve Chairman a slam-dunk success.
"The recovery clearly remains incomplete," he said, in what sounded like a swan song speech at the American Economic Association's annual meeting in Philadelphia, Friday.
Bernanke's term officially ends on January 31, at which point Fed Vice-Chair Janet Yellen is expected to take the helm. (The Senate is scheduled to vote on her confirmation Monday evening).
Among the unfinished business that concerns Bernanke: the unemployment rate at 7% "still is elevated," he said. Meanwhile, participation in the labor market has continued to decline, partly because workers remain discouraged about their job prospects.
As of December, only 63% of Americans over age 16 participated in the job market -- meaning they either had a job or looked for one. Before the recession, it was around 66%.
http://www.washingtonpost.com/business/economy/bernanke-celebrates-feds-achievements-highlights-uncompleted-tasks/2014/01/03/0460b26c-74af-11e3-8def-a33011492df2_story.html
Federal Reserve Chairman Ben S. Bernanke on Friday reflected on his eight-year tenure at the helm of the nation’s economy, celebrating the central bank’s accomplishments but also highlighting what he called “uncompleted tasks.”
Bernanke is stepping down at the end of the month after shepherding the country through the worst financial crisis since the Great Depression. He is widely credited with preventing the U.S. economy from free falling, but the lackluster recovery has led some critics to question whether the Fed is running out of firepower.
Bernanke saved his toughest critiques, however, for Washington. Since federal stimulus spending ended in 2010, government has been a drag on economic growth. After the 2001 recession, government employment rose by 600,000. In the current recovery, he said, it has declined by 700,000 jobs.
http://money.cnn.com/2014/01/03/news/economy/bernanke-speech-aea/
His peers credit him with mitigating the deepest recession since the Great Depression, but with less than a month to go until his term ends, Ben Bernanke is hesitant to call his eight years as Federal Reserve Chairman a slam-dunk success.
"The recovery clearly remains incomplete," he said, in what sounded like a swan song speech at the American Economic Association's annual meeting in Philadelphia, Friday.
Bernanke's term officially ends on January 31, at which point Fed Vice-Chair Janet Yellen is expected to take the helm. (The Senate is scheduled to vote on her confirmation Monday evening).
Among the unfinished business that concerns Bernanke: the unemployment rate at 7% "still is elevated," he said. Meanwhile, participation in the labor market has continued to decline, partly because workers remain discouraged about their job prospects.
As of December, only 63% of Americans over age 16 participated in the job market -- meaning they either had a job or looked for one. Before the recession, it was around 66%.
http://www.washingtonpost.com/business/economy/bernanke-celebrates-feds-achievements-highlights-uncompleted-tasks/2014/01/03/0460b26c-74af-11e3-8def-a33011492df2_story.html
Federal Reserve Chairman Ben S. Bernanke on Friday reflected on his eight-year tenure at the helm of the nation’s economy, celebrating the central bank’s accomplishments but also highlighting what he called “uncompleted tasks.”
Bernanke is stepping down at the end of the month after shepherding the country through the worst financial crisis since the Great Depression. He is widely credited with preventing the U.S. economy from free falling, but the lackluster recovery has led some critics to question whether the Fed is running out of firepower.
Bernanke saved his toughest critiques, however, for Washington. Since federal stimulus spending ended in 2010, government has been a drag on economic growth. After the 2001 recession, government employment rose by 600,000. In the current recovery, he said, it has declined by 700,000 jobs.
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