With a bad report on job creation roiling the political waters, the nation’s top banker has tried to make the best of the “slows” that afflict the national recovery.
“Overall the economic recovery appears to be continuing at a moderate pace, albeit at a rate that is both uneven across sectors and frustratingly slow from the perspective of millions of unemployed and underemployed workers,” said Ben Bernanke, chairman of the Federal Reserve.
He told a bankers meeting in Atlanta that he doesn’t consider the recovery to be well-established “until we see a sustained period of stronger job creation.”
It’s not exactly the sort of confidence-building speech that presidents or other national leaders give, but it’s the job of the Federal Reserve to keep watch on its dual functions, fighting inflation in the money supply and unemployment in the workforce.
For Louisiana, hoping to become one of the earliest states to restore its pre-crash levels of employment, this is not a distressing tone from Bernanke, but neither is it that encouraging.
On the one hand, as a resource-producer, Louisiana has a solid future in terms of state income in future years.
On the other hand, cuts to state universities and other key elements of the “knowledge economy” might well give more of an edge to our competitor states, where brains are recruited for their economic potential.
For Louisiana, as for the Federal Reserve chairman, muddling through is a frustratingly slow business.