Senator Sanders writes today:
Federal Reserve Chairman Ben Bernanke said, “it is very likely that the recession has ended.”
Well, let me just suggest to Mr. Bernanke that today we have about 17 percent of our workforce – 26 million Americans – who are either unemployed, have given up looking for work because they no longer think a job is possible, or they are working part time when they want to work full time. That’s 17 percent of our population.
For those folks, I don’t think they believe this recession is over.
In fact, what they believe is that they are mired in the worst economic mess since the Great Depression.
One of the really disturbing statistics out there is that it is taking unemployed people a lot longer to find a job than used to be the case. On average, it’s taking about six months.
But it’s not just losing your job or working part time. People are losing health insurance, losing their homes, losing their pensions. What it’s about is slipping out of the middle class and into poverty and not having the capability of sending your kids to college. That’s what the economy is about today…
Don’t believe anybody who’s telling you “the recession is over.”