Consumers are not spending enough and businesses are not investing enough to put a big dent in unemployment, Federal Reserve Chairman Ben Bernanke said Monday
How many years have we heard about the dreadful effects of consumer debt in the country. It is typically reported that the average family has more than $8,000 in credit card debt! Everyone, including most economists, say we are just living beyond our means. But now here is the number one financial guy in the country saying we are in the trouble we are because we are not spending enough!
Someone needs to tell these guys that you can’t have it both ways without some serious increases in the average guy’s hourly wage increased spending won’t happen. Since wages haven’t gone up in almost twenty years now I don’t see us coming out of this high unemployment period anytime soon.
But what do I know….