Mike Pouraryan
The Continued Economic Challenges in The US
The Vice President of the United States was on ABC's This Week. Mr. Biden's interview was wide-ranging. It was an interesting in a number of respects. What was striking was the admission by the Vice President on how they misread the economy. There was a frank admission that the economy was in worst shape.
This interview came at the end of a very bad week for the economy. The job losses have accelerated. According to the Labor Department, 467,000 jobs were lost in June. The so-called Green shots have been touted for some time. I have been sceptical and been discussing it perodically in Outsider Views. The recession has pretty much wiped off all jobs created since the last recovery: almost 6.5 Million Jobs.
The Fed's role will continue to be crucial in preventing a free-fall. Every strategy has its' pitfalls. But, the risk of doing nothing continues to be even more.
