A Quote by Ben Bernanke
Certainly, 9 percent unemployment and very slow growth is not a good situation.
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Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
I think that in the last eight years, we were averaging economic growth of about 2 percent. It's not good. It's very slow. It's a slow pace. People are expecting that pace to continue if Hillary Clinton becomes president.
I'm not expecting a big sell-off but I do think that if we don't have a move toward economic growth and policies that will promote economic growth and get us out of this 2 percent world - we really need to see 4 percent, 5 percent - to see jobs created, and if we don't see that longer-term, yeah the market will sell-off...[but] I do think things are getting better. It's just been very slow.
We have too large a disparity in the world; we need more inclusiveness… If we continue to have uninclusive growth and we continue with the unemployment situation, particularly youth unemployment, our global society is not sustainable.
You cannot force growth of human life and civilization, any more than you can force these slow-growing trees. That is the economy of Almighty God, that all good growth is slow growth.
If we had 3 percent growth, which is what we're trying to get to, what we're at, by the way, right now, we're trying to maintain that 3 percent growth. If we had been at 3 percent growth over the last ten years, the budget very nearly would be balanced in 2017. That's how big a difference it makes when you grow the American economy that additional 1 percent over ten years.
If unemployment could be brought down to say 2 percent at the cost of an assured steady rate of inflation of 10 percent per year, or even 20 percent, this would be a good bargain.
It takes about two and a half percent growth just to keep unemployment stable.
But if the choice is a cool president and 8 or 10 percent unemployment in a declining economy and a country that seems to be going in the wrong direction and structural unemployment for young people at 50 percent, I'd rather have a dorky president who fixed those problems.
The black unemployment rate has to be twice that of the white rate in the US. If the national unemployment rate were 6.8 percent, everyone would be freaking out. We ought to not take too much solace in the 6.8 percent, but ask ourselves what can we do to bring that down to white rates, which are below 4 percent now. Some of that has to do with education, but that's just part of the story. You find that those unemployment differentials persist across every education level. I think it means pushing back on discrimination and helping people who can't find work get into the job market.
There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
We find ourselves in a difficult situation in Europe. There's a crisis, weak growth, unemployment... my duty is to ensure that by the end of my mandate France is in a better state than it was at the beginning.
If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.
Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.
Our economy continues to struggle with slow economic growth, high unemployment and stagnant wages. "Obama care's" raising costs. That's making it harder for small businesses to hire. In short, it's a train wreck.
This majority is working for America, and one of those ways is we have tremendously low unemployment. This economy has created millions of new jobs, and we are expecting growth this first quarter of somewhere higher than 4 percent.
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