Seven years after the worst monetary crisis since the Great Depression, one might think, especially with the economy supposedly nearing estimates of an unemployment rate equaling full employment, that it would be time to move on to other subjects like which way from here is up.
Not so. As N.Y. Fed’s Dudley traveled to Rochester, NY on a district visit, among his remarks about employment and monetary policy, Dudley stressed that the Fed can do nothing about skills mismatch, chalking up the Rochester area’s high unemployment rate to workers who have nothing to offer the employment market.
It just so happens that I live in the area, and have an understanding that Rochester might as well have been ground zero for the Great Recession and has yet to recover. And it’s really too bad that I was not aware Dudley was coming to town. I would have loved to ask him when it was that the Fed’s mandate turned the preamble of the Full Employment and Balanced Growth Act into the job rationing act. Or ask him why he feels such a need to add insult to injury as to imply that nobody here has any marketable skills after the effects of his and his colleagues’ policies took full effect.
In closing, I apologize if anyone is offended by my stripping of the sugar-coating from the rhetoric of the anti-inflation pundits and calling the resulting policies what they are – job rationing for the greater good. I am also very sorry this is the policy that has been foisted upon every hard working American as if they were white lab mice instead of human beings with a need for survival at the very least.