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There are 17 million unemployed, and the reason the unemployment rate is dropping is because so many have exhausted their benefits and they are no longer counted. Recovery? Only in the minds of team Obama and the AP.
"The damage from government austerity has been offset in part by the Federal Reserve, which has kept short-term interest rates near zero since the end of 2008 and has been pumping $85 billion a month into the economy by buying bonds" Did they print this money or did they take it from the till? We need to replace the Income tax with a Transaction Tax and a Tax on non job producing assets held by entities. There is enough money in the economy, you just need to get it out of people's and entities mattresses.
"Jobless recovery" is an oxymoron. Both the Dems and Repubs can take responsibility for it. The stock market is booming primarily due to the handful of banks who are the market. hjazni is correct when saying a financial transaction tax would replace the need for any income tax--corporate or personal.
The Fed isn't buying bonds under QE3. They are buying $85 billion worth of toxic assets (mortgage backed securities that no one in the private sector would touch with a 10 foot pole) every month from the TBTF banks at face value and giving them cash in return. All of this money can't just sit there. It goes straight to the stock, housing, farm land and commodities markets creating huge asset bubbles. In a free market economy these banks would have to sell their toxic assets for pennies on the dollar and would also have to pay substantial interest on the money they are currently using to flood the markets which would limit their risky behavior. Not anymore. It's all free money from the Fed with implicit taxpayer funded bailouts.
Why is it taking so long? Well, I guess mainly because team Obama has been and will continue to lie to America while you media sheep just print, cover and defend this loser----------------------------------------------------------US employers posted fewer open jobs in March; hiring slowed and layoffs rose
Article by: CHRISTOPHER S. RUGABER , Associated Press Updated: May 7, 2013 - 12:02 PM
This is a Fed created bogus recovery. Shut off the Fed's buying of toxic assets and the markets would die.
Gee, 8.5 million unemployed. Isn't that about the same number of illegal immigrants here? Don't give me the BS that Americans won't do those jobs, if they're hungry enough they will do them.
The reason the recovery is taking so long is the Feds tampering, keeping interest rates artificially low and buying 85 billion worth of mortgage backed securitys a month. Once the federal spigot is turned off we can finally hit rock bottom and start to recover.
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