Thursday, May 20, 2010

Mr Bernanke, It Really Is Time For You To Do Your Job

What's that you say? You're already doing your job?

No, no you're not. Or at least, not that part of your job (pdf) that is supposed to

promote the objectives of maximum employment, stable prices,
and moderate long-term interest rates.

You see, the weekly Job Report (AP via NY Times) came out today and once again "surprised" the economists by showing an increase of 25k more initial jobless claims for the week instead of the expected decrease of 4K. That is 471K new jobless claims for the week.

(As an aside, is Economics known as the "Dismal Science" due to the abysmal record most economists have in their predictions? It sure looks like a group where getting one thing correct over the years allows an economist to dine out for the rest of his/her career on the accolades, no matter how p*ss poor every other prediction they make is.)

Now a quick check of der Google shows various news stories over the past few years (here and here for example) where Bernanke and others are talking about how "inflation concerns" are the driving economic force, even more than employment issues (you know, 9.9% Unemployment rate and such things).

However, today's NY Times has a headline:
Inflation Rose in April at Lowest Rate Since the ’60s

Let's see. Since the Sixties, huh? So that puts it back in the time when we were fighting a land war in Asia. Well, that hasn't changed, I guess. But it also puts us back to the time before Nixon's Wage and Price Controls and before Ford's Whip Inflation Now (WIN) Program. Pre Arab Oil Embargo and Carter's Malaise speech. Pre Reagan, Bush I, Clinton, Bush II, and Obama.

So Mr Bernanke, while you and your FED compadres are planning the Asset Sales from your bail out of the Banksters, just once, please, do something positive for those of us out here wanting to work, needing to work.

You might even find it an economic positive in that it could relieve some of the budget deficit pressures I keep hearing about. After all, lower un/underemployment rates would mean fewer people filing initial jobless claims each week. It would mean increased tax revenues and Social Security and Medicare revenues to also use to offset the deficit (although it would be nice to go back to the pre-Reagan years where Unemployment was not taxed).

Again, I and many in the same situation are NOT asking for a hand out. We want to work in our chosen fields, using our education and skills learned through years of work and life. We just assistance from the organizations whose charters say creating jobs is (or should be) one of your highest priorities.

That would be jobs for folks outside of Wall Street of course.

And because I can:

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