The Obama administration and Bernanke like to blame Congress and anyone else within reach, but the buck stops with the administration. The unemployment now equals the Democratic Socialist nations of the EU, something that Obama has aspired to, judging from his job killing policies/regulations, and his penchant for circumventing Congress to do it.
U.S. Federal Reserve Chairman Ben Bernanke said Wednesday that long-term unemployment is a “national crisis” and suggested that Congress should take further action to combat it. He also said lawmakers should provide more help to the battered housing industry.
Bernanke noted that about 45 per cent of the unemployed have been out of work for at least six months.
“This is unheard of,” he said in a question-and-answer session after a speech in Cleveland. “This has never happened in the post-war period in the United States. They are losing the skills they had, they are losing their connections, their attachment to the labour force.”
He added: “The unemployment situation we have, the job situation, is really a national crisis.” Read more here: Beranke to CBC
Meanwhile, CNN Money reports that employers are hit by unemployment tax hikes, making hiring more difficult. Click here