Dallas Fedhead Fisher: It's the Jobs, Stupid
Still heart you, #1!
The most urgent threat to the U.S. economy is joblessness, not inflation, but there is little more the Federal Reserve can do to help, a top Fed official, known for his hawkish views on inflation, said on Friday.
"We have far too many people unemployed, and they are unemployed for too long," Dallas Fed President Richard Fisher told the Texas A&M Retailing Summit. "We cannot have a pickup in consumption unless you have a prosperous people. We cannot have a pickup in prosperity unless people work."
The problem being that the jobs are gone. As in never coming back. I mean sure, it's possible that the United States can recapture her supremacy and rise again but for the most part, we're going to have to accept where we are before we can rise above it.
On the upside? We'll replace "made in China" with "made in the USA." The downside? You'll be making about as much as the Chinese do to make the shit.