Federal Reserve Chairman Ben S. Bernanke said the worst U.S. recession since the 1930s has probably ended, while warning that growth may not be strong enough to quickly reduce the unemployment rate.
“Even though from a technical perspective the recession is very likely over at this point, it’s still going to feel like a very weak economy for some time,” Bernanke said today at the Brookings Institution in Washington, responding to questions after a speech.
The remarks are Bernanke’s most explicit statement that the contraction that began in December 2007 is over. They echoed comments yesterday by San Francisco Fed President Janet Yellen and followed a report today showing retail sales rose last month by the most in three years, adding to evidence of a recovery.
“Unemployment will be slow to come down” if growth turns out to be “moderate” and not much more than the economy’s underlying potential, Bernanke said.
Okay, so it seems to me that even if you believe that we'd be in exactly the same position right now with the stimulus, you can see how the coming spending on projects that require hiring would be helpful.
Teabaggers: I'm not asking you to stop screaming. This is America, and it's your right to speak out! However, it's my right to remember how wrong you've been so far and stop listening. And screaming while holding guns doesn't make me think you're righter.
Oh, and I'm pretty sure the number was closer to 700,000.