As Published in the Democrat and Chronicle’s Young Professionals’ Blog
At a press conference yesterday afternoon, Federal Reserve Chairman Ben Bernanke was once again a bearer of bad news. A combination of financial woes in Europe, the fiscal cliff (tax increases and government spending cuts that are being negotiated for 2013) and other factors will likely leave our nation’s unemployment rate hovering over 8 percent up until 2014, potentially leading to a double dip recession. The Feds’ sorry forecast for America’s economic growth has prompted the visibly frustrated Bernanke to pick up the pace and extend Operation Twist — yet another stimulus. Even with historically low interest rates, the $267 billion extension will likely drive long-term rates even lower in an attempt to make it easier for businesses and consumers to get credit.
Despite the most jovial and vehement critiques of our leaders’ policy adjustments, there remains a persistent social ill that stubbornly hides in plain sight. Domestic hunger stands out as a puzzling reality in our rich democracy. The fact that over 48.8 million Americans (14.5 percent), 16 million youth, one out of every four toddlers and an all time high number of working families have this vice in common is daunting…Read More