News / USA

    Bernanke: Reducing Unemployment Frustratingly Slow

    Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
    x
    Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
    Federal Reserve Board Chairman Ben Bernanke gives a semiannual report to the Senate Banking Committee, July 17, 2012, on Capitol Hill in Washington.
    VOA News
    U.S. Federal Reserve Chairman Ben Bernanke says the U.S. economic recovery has slowed and it will take a "frustratingly" long time to cut the unemployment rate.

    The head of the U.S. central bank spoke at a congressional hearing Tuesday after reports showed inflation to be relatively mild, while job growth and retail sales were disappointing.

    Bernanke said Europe's economy is under "significant stress" which is spilling over to the rest of the world, including the United States.

    He said the U.S. economy could also be hurt if Congress and the president fail to reach agreements on tax and spending issues before the end of this year.  He again urged Congress to cut spending, but at a slow enough pace to avoid hurting growth while the U.S. economy is in a fragile state.

    "The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery. Doing so earlier rather than later would help reduce uncertainty and boost household and business confidence," he said.

    Related video by Mil Arcega
    In the meantime, Bernanke said the Fed is ready to take further action to bolster growth if needed.

    The Fed has already cut interest rates to nearly zero and used a complex process of bond purchases in another effort to stimulate the economy.

    Senators also questioned Bernanke about a scandal over the way a critical global interest rate, called the LIBOR, was set.

    Barclays bank recently paid a fine of around $450 million to the U.S. and British governments after the bank gave false information to the British official who sets the rate each day.  

    It was an effort to make Barclays look stronger than it was during the financial crisis.

    Bernanke said Fed officials in New York became aware of allegations during the financial crisis and reported the matter to British regulatory officials.

    Some information for this report was provided by AP and AFP.

    You May Like

    Rolling Thunder Rolls Into Washington

    Half-million motorcycles are expected to rumble Sunday afternoon from Pentagon to Vietnam War Memorial for rally in event group calls Ride for Freedom

    The Struggle With Painkillers: Treating Pain Without Feeding Addiction

    'Wonder drug' pain medications have turned out to be major problem: not only do they run high risk of addicting the user, but they can actually make patients' chronic pain worse, US CDC says

    Video Canine Reading Buddies Help Students With Literacy

    Idea behind reading program is that sharing book with nonjudgmental companion boosts students' confidence and helps instill love of reading

    This forum has been closed.
    Comment Sorting
    Comments
         
    by: Vaméri from: US
    July 18, 2012 1:52 PM
    We are lucky if unemployment rate won't go higher. Do not expect good news on economy any time soon. Pres. Obama may have to leave the White House if our unemployment rate won't fall down below 8% by November.

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Chinese-Americans Heart Trump, Bucking National Trendi
    X
    May 27, 2016 5:57 AM
    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.
    Video

    Video Meet Your New Co-Worker: The Robot

    Increasing numbers of robots are joining the workforce, as companies scale back and more processes become automated. The latest robots are flexible and collaborative, built to work alongside humans as opposed to replacing them. VOA’s Tina Trinh looks at the next generation of automated employees helping out their human colleagues.
    Video

    Video Wheelchair Technology in Tune With Times

    Technologies for the disabled, including wheelchair technology, are advancing just as quickly as everything else in the digital age. Two new advances in wheelchairs offer improved control and a more comfortable fit. VOA's George Putic reports.
    Video

    Video Baby Boxes Offer Safe Haven for Unwanted Children

    No one knows exactly how many babies are abandoned worldwide each year. The statistic is a difficult one to determine because it is illegal in most places. Therefore unwanted babies are often hidden and left to die. But as Erika Celeste reports from Woodburn, Indiana, a new program hopes to make surrendering infants safer for everyone.
    Video

    Video California Celebration Showcases Local Wines, Balloons

    Communities in the U.S. often hold festivals to show what makes them special. In California, for example, farmers near Fresno celebrate their figs and those around Gilmore showcase their garlic. Mike O'Sullivan reports that the wine-producing region of Temecula offers local vintages in an annual festival where rides on hot-air balloons add to the excitement.
    Video

    Video US Elementary School Offers Living Science Lessons

    Zero is not a good score on a test at school. But Discovery Elementary is proud of its “net zero” rating. Net zero describes a building in which the amount of energy provided by on-site renewable sources equals the amount of energy the building uses. As Faiza Elmasry tells us, the innovative features in the building turn the school into a teaching tool, where kids can't help but learn about science and sustainability. Faith Lapidus narrates.

    Special Report

    Adrift The Invisible African Diaspora