Atlanta Fed President Says U.S. Recovery Non-Existent in Some Industries

Well, this won’t make anyone feel better.

Atlanta Federal Reserve Bank President Raphael Bostic said that it will be some time before the U.S. economy recovers and that some areas of the economy aren’t bouncing at all.

Bostic said:

“On balance, I am comfortable with our current policy stance.  As I have detailed today, though the U.S. economy continues to show clear signs of recovery, there remain significant portions where the recovery has been weak or nonexistent.”

Bostic went on to point out that the downturn has disproportionately affected black and Hispanic workers, and he believes the Fed needs to pursue policies that close the economic and financial gaps along racial and gender lines. If we don’t things could get much worse as the economy recovers unevenly.

Bostic also said:

“Indeed, an unnecessarily slow labor market rebound could just drive historic wedges deeper, continuing to exacerbate the geographic, racial, gender, and income disparities in our economy.”

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  1. EE Okpa

    Does anyone remember Alan Greenspan – who spoke only to be be understood by himself. US economy will bounce back faster than that of many other nations. Yes, there is need to address racial and spatial economic disparity among various groups, but government can’t do so handing off money. We should approach solutions recognizing challenges that certain groups experience and ease in advancing solutions such that the affected group also see the need to invest in themselves. No group that avail themselves rewards and risks associated in an inclusive economy if they are reluctant to engage in it. Hand $1m to each person in affected groups so they feel sense of inclusion, and the outcome will guarantee satisfaction to please all. Equal Opportunity will not mean Equal Outcome.

  2. Edith Wenzel

    Clearly uninformed and in the wrong position. Never created a job in his working life. A lifetime bureaucrat.

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