Bloomberg has the goods on Ben Bernanke's report to congress:
The Federal Reserve chairman, delivering semiannual testimony required in legislation written by the late lawmakers, will describe a U.S. economy returning to growth next year without generating many new jobs. Even with credit markets thawing, Fed officials see unemployment persisting at 8 percent or higher through the final three months of 2010.
“We could have an awkward situation where the recession ends and the job-loss situation continues for some time,” says Christopher Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York. That “probably hasn’t been a factor that has pressured the Fed since the 1990-1991 recession.”
This is the 3rd jobless recovery. Why is that? Could it be bad trade deals, offshore outsourcing, bringing in massive foreign guest workers, enabling illegal labor?
The middle class is already completely squeezed by when will, if ever, the U.S. middle class cut through that corporate concrete brain shrouding any statistical fact in D.C. and we get some real policy changes? I guess we all need to scream louder.