Fed mulls tweaks to economic revival programs
WASHINGTON – With signs the economy is improving but still fragile, Federal Reserve policymakers are considering whether some programs intended to drive down rates on mortgages and other consumer debt should be slowed down. (Is the Administration reversing course here or are they just running out of money ..)
The nation’s unemployment rate — now at 9.4 percent — is expected to keep climbing into 2010. Acknowledging that the jobless rate is going to climb over 10 percent, President Barack Obama said Tuesday he’s not satisfied with the progress his administration has made on the economy.
Some analysts say the rate could rise as high as 11 percent by the next summer before it starts to decline. The highest rate since World War II was 10.8 percent at the end of 1982.
An index measuring chief executives‘ business expectations showed an improved outlook from last quarter‘s record low, but many still expect declines in sales, jobs and capital spending.
“We don’t see continued free fall,” Ivan G. Seidenberg, chairman of the Business Roundtable and CEO of Verizon Communications, said Tuesday. “But nobody’s ready to suggest they’re going to begin hiring.”
Remember Obama’s promise? His “stimulus package” was going to keep unemployment below 8%. Obama’s “stimulus” threw a few desperately needed crumbs to the unemployed – but who is really getting the trillions of taxpayer’s dollars the corrupt politicians are handing out ?