Travis Martinez, University of New Mexico - Talk Radio News Service
Following Friday's announcement that unemployment has reached 9.8 percent, Bureau of Labor and Statistics Commissioner Keith Hall told the Joint Economic Committee Friday that while the U.S. economy is still in bad shape, it is at beginning to stabilize.
“We have moved into a normal recession... we really did have a six-month period that was unprecedented,” said Hall. “This particular recession was so broad and deep."
Hall added that the U.S. is slowly making a recovery in the manufacturing sector, explaining that it has expanded for the second consecutive month.
Rep. Elijah Cummings (D-Md.) responded to Hall by making it clear that the American economy is still hurting.
“The sky is falling... We can not be overly optimistic, but we need to call it like it is,” Said Cummings.
Rep. Kevin Bradley (R- Texas) was quick to the blame the Obama administration's use of TARP funds as an inhibitor to the economy.
“The unpredictability of government is the new invisible hand of the market. It is slowing the recovery- discouraging companies from making decisions that could lead to rehiring old workers and hiring new ones,” Brady said.
All panel members offered their condolences toward Chairwoman Carolyn Maloney (D-N.Y.) whose husband recently passed away.
Bureau of Labor And Statistics Commissioner: We Have Moved Into A Normal Recession
Following Friday's announcement that unemployment has reached 9.8 percent, Bureau of Labor and Statistics Commissioner Keith Hall told the Joint Economic Committee Friday that while the U.S. economy is still in bad shape, it is at beginning to stabilize.
“We have moved into a normal recession... we really did have a six-month period that was unprecedented,” said Hall. “This particular recession was so broad and deep."
Hall added that the U.S. is slowly making a recovery in the manufacturing sector, explaining that it has expanded for the second consecutive month.
Rep. Elijah Cummings (D-Md.) responded to Hall by making it clear that the American economy is still hurting.
“The sky is falling... We can not be overly optimistic, but we need to call it like it is,” Said Cummings.
Rep. Kevin Bradley (R- Texas) was quick to the blame the Obama administration's use of TARP funds as an inhibitor to the economy.
“The unpredictability of government is the new invisible hand of the market. It is slowing the recovery- discouraging companies from making decisions that could lead to rehiring old workers and hiring new ones,” Brady said.
All panel members offered their condolences toward Chairwoman Carolyn Maloney (D-N.Y.) whose husband recently passed away.