Brownback – Give us Lower Rates for Christmas

Ben Bernanke gave his report to the Doolittle Congress this week and it was not sounding good. Now that Brownback is out of the President business, he has Christmas to worry about:

In an early sign of the political pressure that the Fed is likely to face if the economy falters next year, Senator Brownback, who recently abandoned his Republican campaign for president, pleaded with Mr. Bernanke to cut rates in time for the Christmas shopping season. “It seems to me that now is the time,” Mr. Brownback said. “When those gas prices get up to $3 a gallon, it seems to hit some sort of psychological point in consumer’s mind that I have less to spend, and that’s a reality for them.”

When those gas prices get up to $3 a gallon? I guess gas must be cheaper in Kansas because it’s around $3.30 here and has been for quite a few weeks. The next hop is $4 a gallon. But gas prices are not the only problem.

Last summer I ran across this article from the Seattle Times One thing missing in jobs boom – high pay. The article analyzes the recovering job market of the past few years in light of what it considers to be high paying jobs. It found that in the so called recovery, these types of jobs were few and far between. While that article talks about the Seattle region, I suspect it can be applied to lots of other places in the US.

More and more people are working at Mcjobs now and have less to spend this Christmas. Spending power is decreasing. All of which leads me to wonder: Did we ever actually get out of the last recession?

Fed Chief Warns of Worse Times in the Economy

Bernanke and Greenspan

Advertisements

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: