In a moment of unexpected and unsettling candor, Federal Reserve chairman Ben Bernanke, in his testimony on Tuesday before the House Financial Services Committee, said that he really doesn’t know what’s happening to the economy. In his best professorial manner and without blinking an eye, the chairman said, "In light of somewhat different signals received recently from the labor market than from indicators of final demand and production…it will be especially important to evaluate incoming information to assess the underlying pace of the economic recovery."

As reported in The New American here, the difference in wages between Chinese and American workers is narrowing rapidly. Part of the reason is that China has passed the Lewis Turning Point.

First noted by Bloomberg, that turning point hit the Chinese labor markets in the weeks following China’s Lunar New Year holiday in February, 2010, when hundreds of thousands of Chinese had to be enticed to come back to work. They were bribed with gifts, parties, and cash bonuses. Sunny Jia, sales manager for the Jufeng Handicraft Company which makes linen goods, leather bags, and cabinets for retailers in Britain and the United States, explained, “We needed to do more to make them stay.”

“We’ve slipped away from a true Republic,” Texas Congressman Ron Paul claimed in a speech to a Missouri audience February 18. “Now we’re slipping into a fascist system where it’s a combination of government and big business and authoritarian rule and the suppression of the individual rights of each and every American citizen.”

Last Friday marked the third-year anniversary of President Obama’s $787-billion economic "stimulus" law and it scored a rather grim milestone: The unemployment rate held steady above eight percent for 36 months, the longest period since World War II. In fact, according to the Bureau of Labor Statistics, the current 8.3-percent unemployment rate is precisely where it stood three years ago when the legislation, called the American Recovery and Reinvestment Act (ARRA), was signed into law. The previous record for above-8-percent unemployment was 27 months, which transpired in the early 1980s.

ObamaIn his State of the Union address President Obama touted the "rebound" in the economy, taking credit for his administration’s policies in its recovery. He pointed to two years of job growth and the fastest job creation since 2005 but without putting such results in context.