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Federal Reserve sketches a gloomier outlook for US economic growth for this year and next.
WASHINGTON (AP) -- The Federal Reserve on Wednesday downgraded its outlook for the U.S. economy for 2013 and 2014. In doing so, it underscored concerns that led it to maintain the pace of its stimulus.
The Fed predicted Wednesday that the economy will grow just 2 percent to 2.3 percent this year, down from its previous forecast in June of 2.3 percent to 2.6 percent growth.
Next year's economic growth will be a barely healthy 3 percent, the Fed predicts.
Fed officials decided to continue their $85-billion-a-month bond purchase program, surprising most economists, who had expected a slight reduction. The bond purchases have been designed to keep long-term loan rates low to encourage spending.
I sometimes wonder just how stupid,( sorry) illiterate our elected officials can be.... if you are broke you sell something you have of value to make extra and get extra job for income to help pay the bills.
You have to create a new income stream, not bleed the little business action producers you have to death... kill the cow giving milk for the meat and when the meat is gone you got nothing....Da??
Currently in our Gov's wisdom the purpose for the Gov. to want the immigrants is to put them to work to increase tax income... oops they all get on welfare.. create more expense for the Gov. Their idea is to have the immigrants support the welfare state... Bright no? Hell no.
Obama said several times he would do the pipeline, but always reneged. The sad fact is that Obama Inc. is doing exactly what they want to do.
How about we cut loose the movers and shaker business people like the Oil Pipe Line,, It will put 200,000 high paying direct jobs with an added another 200,000 jobs in support of those workers (home building, shopping, food. ect) Just look at Nebraska and Montana.. unemployment less than 4%.
Also remember every barrel we product and sell to our own industries we actually save 100% of the price we're paying now... how.. our industry pays $100/barrel to Saudis ..money gone.
Our oil producers sell a barrel to our industries $100/barrel.. Oil companies buy equipment and pay labor inside the U.S. the money is still here in our economy.. Da? It ain't brain straining is it?
Remember the Oil industry is going to be needed for another 20 years until we have perfected the Electric Auto and got it affordable, Solar and wind are a long way from being viable.