Fed News Friday: Unemployment Looms
August 20th, 2010“It really doesn’t matter if you call it a double dip or an extended recession,” said Campbell Harvey, an economist with Duke University. “The fact is that the economy is not growing and it is not producing a meaningful number of jobs.”
Unemployment reached a 9-month high, topping at 500,000 jobless claims. During a Google search, states that popped up stating their employment rate was dropping AGAIN included: RI, PA, NJ, & CA. A spike recently occurred with claim rates rising leaving people angry at their state officials who weren’t providing them with the assistance they needed.
Behold, the Federal Reserve with its answers. As stated last week in the news, the Fed will be purchasing U.S. treasuries to prop up the economy during this period of slow “recovery”. The printing press will be assisting small businesses as well to help them get through this tough time (although the federal government has acted as the savior). Makes sense right? Give small business owners some assistance with some extra 0% interest loans, then tax the shit out of them later either directly or with inflation.
Stay positive this weekend everyone!
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