'Significant amount of time' needed for job recovery: Bernanke+
Federal Reserve Board Chairman Ben Bernanke on Wednesday warned against optimism over the nation's economic recovery, saying "a significant amount of time will be required" to create 8.5 million jobs that have been lost during the past years in recession.
In his latest press release (or was it his testimony before the Joint Economic Committees of Congress-he is just as dishonest in both) Federal Reserve Board Chairman Ben Bernanke (an unindicted co-conspirator for destroying the American economy) pontificated on why it is unimportant that the economic recovery allowed the loss of millions of jobs, caused millions of people to lose their homes and caused the failure of millions of businesses.
Ben Bernanke continued saying that he would be willing to continue to accept bribes from the democratic party to maintain the current job killing economy and pretend that he cares about the economy and is doing something about it.
Ben Bernanke promised that he is willing to stay in office until all the jobs he destroyed with his previous policies are recovered. Even if it takes decades. Even if it takes centuries. Even if the economy never recovers. He is willing to hand down this job to his children and their children and their children's children in an effort to save the American economy.
Ben Bernanke concluded his rambling diatribe by reminding congress that no matter how bad this minor economic upset looks, it really is minor and not worth worrying about. And that if everyone will just be patient, soon enough everyone will believe that there is nothing that can be done about the situation and people will learn to live in the new socialist order.
The onion.com was quoted as saying that if I "ever attempt to write a humorous article again, they will have my literary license revoked."
If the government were to "Create" those jobs.... firstoff, jobs don't just come from nowhere. Someone has to pay for them, one way or another.
ReplyDeleteA little math for the tax-impaired:
8.5 million jobs
8 hours a day
250 workdays a year
$8/hour minimum wage
multipled by 4 because only about 25% of the cost of a given worker is wages, the rest is gov't-mandated stuff like workmans comp, payroll taxes, health insurance, etc.
GRAND TOTAL if the gov't "created" 8.5 million MINIMUM WAGE jobs:
$544,000,000,000
That's $544 BILLION dollars -- just for the direct costs of 8.5 million MINIMUM WAGE employees, for ONE YEAR.
Assuming about 150 million existing wage-earners in the U.S., that's a tax increase of $3628/year each. HOWEVER... about 70% of taxes go to fund government overhead, and only 30% actually finds its way to the various uses our tax dollars are put to. So the real cost to each and every existing employed person would be about 3 times the nominal cost -- in other words, to create 8.5 million jobs, the real cost would be almost $1.5 TRILLION dollars per year, and the government would have to tax each and every existing employed person an additional $10,881 per year.
How about lowering taxes on and costs to business an equal amount, so businesses can hire those same workers at NO cost to taxpaying wage-earners??
Oh, but we can't do that, that would look like we're pandering to big business!!