US Economist Richard Wolff on Bernanke's Grim Forecast for the Economy
This video interview originally appeared on PressTV's website.
And Bernanke made no mention about what he could do to buffer those shocks. Interest rates have been at records lows for several quarters and some experts say the Federal Reserve has no wiggle room left to influence economic growth. But Richard Wolffe, a US economic analyst and professor says the powerful institution is doing little more than watching.
The only positive news that came from Tuesday’s testimony before the Senate Banking committee was about the housing industry. But while he says it’s growing, it’s still less than in previous recoveries. The outcomes on the heels of a poor jobs report, which saw only eighty thousand new positions, created in June.
And in what seemed like a unintended swipe at both US political parties, Beranake poked holes in the very different spending and tax philosophies of Democrats who are criticized for wanting to tax the rich and Republicans who are criticized for wanting to cut social programs.
Without using phrases like bi-partisan or work together, Bernanke still implied that Congress would have to do both to reach agreements that would improve the US economy this year and beyond. But in an election year with Congress and the country deeply divided, those deals that could test the Fed Chairman’s theory on making things better seem unlikely.
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