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St Louis Mortgage Refinancing and Real Estate News –

News: Bernanke Says America Has Difficult Choices Ahead

With the economy in shambles, the Federal Reserve Chairman, Ben Bernanke, has warned that the United States will face difficult choices over the next couple of years as it moves forward in addressing its debt burden.

As he formally addressed the congressional Joint Economic Committee, Bernanke remarked that:  “Addressing the country’s fiscal problems will require difficult choices, but postponing them will only make them more difficult.”

He added that “significant restraints on the pace of the recovery remain, including weakness in both residential and non-residential construction and the poor fiscal condition of many states and local governments.”

Looking at the retail market, sales were up by 1.6 percent in March.  Yet, Bernanke  as well as the St Louis lending community continues to remain cautious about any type of quick recovery.

Retail sales have shown an improvement during the first quarter of 2010.

Sad to say that some of this upsurge has been accredited to many consumers taking their mortgage payments and fraudulently using it to purchase frivolous items instead of paying their St Louis home loan.

And although the rate of new job losses is slowing, there is no optimistic sign of employers offering new job vacancies.

An incredible 44 percent of the unemployed have been without work for more than 6 months.

Long-term unemployment is believed to be a more stubborn and insoluble problem to cure especially since the unemployed themselves become disillusioned and their skills become somewhat rusty or spotty.

The level of unemployment in the United States is hovering around the 10 percent mark.

Approximately 8.5 million jobs have been lost as a result of the global recession.

And economists have said it would take 200,000 new jobs per month for the next 7 years to get back to where we were before this economic collapse took place.

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When applying for a St Louis mortgage or to discuss current St Louis home loans, call the recognized St Louis refinancing experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, the host of the St. Louis Refinancing “Mortgage Minute.”

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Tags: recession, retail sales, st louis home loan, st louis home loan experts, st louis home loans, st louis lending, st louis mortgage, st louis mortgage news, st louis refinancing, unemployed, unemployment

This entry was posted on Thursday, May 6th, 2010 at 11:30 pm and is filed under st louis mortgage news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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