Wednesday, May 19, 2010
You know that recovery from the Great Bush Depression?
Well, it turns out that Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto has no plans to hold her breath waiting for it to finish.
In a speech, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto said that she expects "our journey out of this deep recession [to] be a slow one" because of the loss of skills jobless Americans have experienced as a result of prolonged unemployment, and the "heightened sense of caution" consumers and businesses are operating under as they navigate the worst economic downturn since the Great Depression.Time for Americans to join together to take our jobs back from the illegals. Picking vegetables and cleaning motel rooms can be fun.
Citing the fact that the average unemployed worker is out of a job for more than 30 weeks -- a new record -- Pianalto told the Economic Club of Pittsburgh that "the longer someone is out of work, the harder it is to find a job." About half of those currently unemployed have been out of work for at least six months.
"Research...tells us that workers lose valuable skills during long spells of unemployment, and that some jobs simply don't return," she said in her prepared remarks. "So workers who are lucky enough to find jobs may be going to jobs that aren't familiar to them, which means they and the companies they join may suffer some loss of productivity.
"Multiply this effect millions of times over, and it has the potential to dampen overall economic productivity for years," she warned.
The second effect of the Great Recession is "deep uncertainty about where the 'new normal' or baseline might be."
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