Quote of the Day: Government Cutbacks are Hurting the Recovery

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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.

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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