Quote of the Day: Government Cutbacks are Hurting the Recovery

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.

From Fed chairman Ben Bernanke, answering a question about the “choke points” holding back the economy:

In the last year or two and going forward, we have been seeing fiscal consolidation, particularly at the state and local level….I understand these are necessary steps from the perspective of individual states and localities; I’m not criticizing that. It’s just a fact, though, that these contractions are affecting the pace of growth in the broader economy.

Bernanke said that other things affecting the pace of recovery included problems in Europe and a sluggish U.S. housing market.

THE END...

of our fiscal year is Thursday, June 30, and we have a much larger fundraising gap than we can easily manage with only days left to go.

Right now is no time to come up short: If you value the hard-hitting, democracy-protecting, justice-advancing journalism you get from Mother Jones, please help us keep charging as hard as we possibly can with a much-needed and much-appreciated donation today.

payment methods

THE END...

of our fiscal year is Thursday, June 30, and we have a much larger fundraising gap than we can easily manage with only days left to go.

Right now is no time to come up short: If you value the hard-hitting, democracy-protecting, justice-advancing journalism you get from Mother Jones, please help us keep charging as hard as we possibly can with a much-needed and much-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate