Federal Reserve Chairman Ben Bernanke said Monday he is hopeful the economy will gain

[Neubarth]

Federal Reserve Chairman Ben Bernanke said Monday he is hopeful the economy will gain traction and not fall back into a "double dip" recession.

"My best guess is we will have a continued recovery, but it won't feel terrific," Bernanke said.

That's because economic growth won't be robust enough to quickly drive down the unemployment rate, now at 9.7 percent, he said in remarks to the Woodrow Wilson International Center for Scholars, a nonpartisan research group.

The economy grew at a 3 percent pace in the first quarter of this year. That's good growth during normal times. But coming out of such a deep recession, the economy must grow much more strongly to make a dent in the jobless rate.

Fears have grown that the recovery could be derailed if Europe's debt crisis turns into a broader financial contagion, crimping lending in the United States and around the globe. The situation has spooked investors, sending Wall Street into fits of panic.

Bernanke said the Fed is monitoring the European crisis carefully, and he believes European leaders are taking the right steps to deal with the problems.

Asked when the Fed will start raising interest rates, Bernanke quipped "in the future."

 

[Neubarth]

Though I have noted the improvement in some areas over the past two years, I have not seen an overall recovery. A nation is in recovery when people are going back to work. We still have not generated enough jobs to put the normal increase in the workforce to work. That, to me, says we are still losing ground.

 

[Neubarth]

You will note also that the imaginary three percent growth rate in the economy is directly related to the 12 percent increase in government spending. If 12 percent increase in government spending can only buy us three percent growth, and that 12 percent is only temporary, we are in a shit load of trouble. I have been pointing this out for a year now, and hopefully some of you will see what is really going on. This High IQ Idiot president has not created actual jobs, and because of that when the government discontinues this outrageous spending of money, the economy will stagnate or collapse further.