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On CBS’s “60 Minutes”, fed chief Ben Bernanke predicted it will take at least 5 years for jobs to recover and push the unemployment rate down to a normal 5%-6%. The fed chief urged Americans to be patient.
5 years?! The American electorate has to wait 5 years for jobs to recover? Well that’s not going to work! The American electorate wants everything and wants it now. No matter that economics dictates that jobs are the last facet of the economy to recover. To hell with the facts. Incumbents will be voted out of office until jobs recover. Period. Ben Bernanke makes plenty of sense to those who pay attention and understand. To the overwhelming majority of those who don’t, what he said is “blah, blah, blah …” He might as well have been talking Phoenician.
The loss of jobs is a result of the economic tragedy allowed by the Bush administration’s failed economic policies. As we saw in the 11/10 midterm elections, whichever party is in power will be blamed. Picture John McCain as president. Would he have been able to overcome the economic fact that jobs take years to come back? I don’t think so.
So beware incumbents – 2012 is “merely” 2 years away. Batten down the hatches and play politics as jobs will take at least 5 years to recover.
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