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Conditions I want to make a couple of overall comments about the economic recovery before diving into this month s employment numbers In the second half of 2011 economic momentum picked up The labor market continued...strength The ISM Manufacturing Index reading 54 1 percent in January marked the thirtieth consecutive month of expansion in the manufacturing sector And the unemployment rate has been moving in the right direction...twenty third straight month During January the economy gained 257 000 private sector jobs Due to the loss of government jobs overall the economy added 243 000 jobs during the month The manufacturing sector...

Cummings Mr Zandi health care inflation is a significant driver of Medicare s escalating costs What do you think should be done administratively to control that inflation I heard what you said about Medicare...Medicare It seems that no matter what you do you have still got this inflation going on and it is a major factor I would like to have your thoughts on that Dr Zandi That is a really big question Let me...me say a few things or a couple of things One is that health care inflation actually in the last couple of years has slowed quite sharply It has been about 31 2 percent per annum over the past two years...

currently at a stunning 2 64 trillion These excess reserves represent the fuel for significant price inflation 2 We truly live in challenging economic times The United States suffers from a massive Growth Gap...Street and middle class families behind Since the Recession ended the current return adjusted for inflation on the S P 500 is 98 percent Real disposable income per person has risen by a meager 3 6 per cent...the Fed turned to an increasingly rules based monetary policy The results were outstanding low inflation and two long and strong expansions interrupted only by a brief shallow recession Since the Great...

depth studies of inflation and monetary policy in both the United States and in high inflation countries with a specific focus on how best to reduce inflation and the economic cost of inflation Dr Ball is currently...Reserve to stop holding interest rates fixed and to permit monetary policy to do much more to prevent inflation His views eventually prevailed That should remind the Members of their responsibility Today I will...is the chart and it shows the enormous increase re cently in the rate of increase in M2 growth Inflation as a result has begun to rise Prices are rising and the U S dollar continues to sink The most useful...

Valley of Death in funding I am proud to report that QED achieved a funding milestone on its own last month when we received a two year 1 million grant from the U S Economic Development Administration This...Valley of Death in funding I m proud to report that QED achieved a funding milestone of its own last month when it received a two year 1 million grant from the U S Economic Development Administration This...

choice is potential GDP Potential GDP is a measure of what GDP would be at full employment without inflation It is a well understood and a widely used economic concept For example Stanford University economist...should examine the record care fully Between 1990 and 2000 total discretionary spending measured in inflation adjusted dollars fell by almost 6 percent or an even more dramatic 27 percent drop as a percentage...has tended to rise in our measured inflation much faster than other goods and services I for one think that we have a bit of confusion in this because whereas as inflation is usually measured as the increase...

years than the Republican plan seven years assumed there would be higher economic growth and lower inflation in the years to come when compared with the Republican economic assumptions and perhaps most outrageously...approved by all Democrats and Republicans on the Committee the Phillips curve tradeoff between inflation and unemployment was rejected and a new model of growth economics that would guide the policies...United States mishandled monetary policy has caused er ratic economic cycles bouts of double digit inflation a crisis in the savings and loan industry booms and busts in land values volatile interest rates...

among recent veterans fol low employment trends among the entire working age population Indeed the 12 month moving average for unemployment rate for all veterans of 6 7 percent is slightly lower than the overall...employment prospects of both veterans and non veterans This recovery which is four years old this month is the weakest in seven decades Consequently the United States has 1 2 trillion less today in real...disposable income per capita this anemic recov ery has generated about 2 800 less in income after inflation and taxes for every American than an average post 1960 recovery would have generated And why are...

which the current historically weak economic recovery translates into 100 000 fewer new jobs per month and workers realizing only a mere frac tion of the increase in real disposable income during an average...economy But what happens if we do not move forward Dr Kugler So we know from data just from last month that about 17 percent of employers are unable to fill their vacancies 36 percent are unable to find...that since I worked on some of them Thank you In the testimony before the Judiciary Committee last month this will be our last thing on the debt issue with regard to the Her itage study but you mentioned...

that began in June 2009 is now nearly five years old Yet a NBC News Wall Street Journal poll last month found that 57 percent of Americans still think the economy is in a reces sion This is likely due to...payrolls increased by 192 000 and the offi cial unemployment rate remained unchanged at 6 7 percent last month is positive news but it is simply not enough I agree with Federal Reserve Chair Janet Yellen s recent...when we shed more jobs in this country We were losing jobs at a rate of 700 000 per month We shed more jobs in one month than there are people in Vermont 4 Five years later we are now adding jobs We have...