Barack Obama is getting a number of critical report cards on his foreign and domestic policies lately.
Here at home, Janet Yellen, in her first monetary policy address as the head of the Federal Reserve Board, said the labor markets were still weak, and that it will likely take two years or more before the U.S. fully recovers from its recession. Ouch.
If Yellen’s forecast proves right, this means it will have taken Obama’s administration nearly eight years to lift our economy out of its long and painful lethargy.
She expressed grave concern that the economy’s 6.7 percent unemployment rate was still significantly above the jobless level the Fed considers normal.
While Yellen was voicing some anguish over the large number of long-term unemployed and those who can find only low-paying, part-time work, Obama was campaigning in Oakdale, Penn., dishing out job-training grants at a local community college.
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