“This unemployment situation we have, the jobs situation, is really a national crisis,” Bernanke said in response to questions after a speech in Cleveland, a Press TV correspondent reported.
“We’ve had close to 10 percent unemployment now for a number of years and, of the people who are unemployed, about 45 percent have been unemployed for six months or more. This is unheard of,” he added.
The Fed chief also suggested that the US and other rich nations must learn from fast developing nations, like China, which has adhered to discipline budget policies, embraced free trade, made public investments and supported education.
Currently the unemployment rate in the United States stands at 9.2 percent, the worst level since President Ronald Reagan was in office in the 1980s.
US President Barack Obama has proposed a USD 447-billion plan to stimulate the economy and create more jobs, which includes a USD 49 billion extension of jobless benefits and tax breaks for companies that hire new workers.
While the US economic growth stalled to a devastating rate of 1 percent in the second quarter, following an even more shocking 0.4 percent in the first three months of 2011, Obama and his administration have come under increased pressure to take steps to jump-start growth and reduce unemployment.
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- CALIFORNIANS KEEPS ON LOSING JOBS EVEN BEFORE HOLIDAYS ALSO