Sunday, May 17, 2020

We had years of sluggish growth

Federal Reserve Chairman Jerome Powell shook markets and alarmed lawmakers this week with a dire warning: The U.S. could suffer through years of sluggish growth and meager job gains well after the pandemic passes without further economic stimulus.

In a speech Tuesday, Powell urged lawmakers to set aside concerns about the mounting national debt and provide the fiscal support necessary to keep the economy from spiraling deeper into the worst downturn since the Great Recession.
Now Powell is confused.

The last ten years were years of sluggish growth.  Every time we go through our recessions we get growth more sluggish than before.  Tell me something new Powell, tell me how California is going to get the public sector back  when it took five years last time?

We had continual reduction in growth before us and the swings in California unemployment have gotten worse, not better.

Either figure something out or ask some basic questions. You are beginning to sound quite confused.

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