Fed Chairman Ben Bernanke is growing impatient. With the financial crisis continuing to drag on, Bernanke appeared again before Congress yesterday to urge lawmakers to pass legislation aimed at preventing future economic crises of the severity of the ongoing Great Recessioan.
The government has announced that Social Security recipients will not receive a cost-of-living adjustment, or COLA, in 2010. This is because the COLA is tied to price inflation, which according to the government has been negative so far in 2009.
The national unemployment rate hit 9.8 percent in September, the highest it has been since June 1983. A total of 15.1 million Americans are now out of work, and 7.2 million jobs have been eliminated during the recession, the Labor Department said.
America’s gross domestic product declined in the second quarter of this year, and in September the economy continued to lose jobs. Yet because the decline in the GDP was not as bad as predicted, and the number of jobs lost in September was less than those lost in August, both economic trends were generally reported in a positive light.