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Washington, DC, United States (AHN) – Federal Reserve chief Ben Bernanke says the unemployment rate in the United States will not drop to pre-financial crisis levels for a number of years.

Bernanke made that statement Thursday in answer to questions about the economy from the Congressional Committee on the Budget.

In addition, he said that it was impossible to consider the economic recovery to be established until there is a strong and sustained creation of jobs.

The U.S. economy only created 36,000 net jobs in January. That was not sufficient to cover population growth and did little to help the millions of people who lost their jobs during the recession or in its aftermath. For example, the economy needs to create from 120,000 to 200,000 jobs monthly just to absorb new workers entering the labor force for the first time.

Moreover, Bernanke said that the long-term challenges presented by the high federal deficit were “daunting” and that the present high deficit was “unsustainable.”

The total government debt is now 60 percent of gross domestic product (GDP) and forecast to rise to 150 percent of GDP by 2030. The total federal budget deficit is 9 percent of current GDP.

By contrast, European Union nations try to keep budget deficits to 3 percent of GDP.

GDP is the total amount of goods and services consumed in the nation. The budget deficit is the amount the government spends each year in excess of its income, expressed as a percentage of the national GDP.

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Innovative ideas needed to take care of Minnesota’s fiscal future By Sharon Schmickle | Wednesday, Feb. 9, 2011

For years, state officials have resorted to the equivalent of pay-day loans to balance Minnesota’s budget. Now, with the loans coming due, we’re stuck with the questions of a panic-stricken borrower: Where can I grab more cash? Where can I slash spending? Because that is the reality confronting Minnesota this year, those are the questions posed in MinnPost’s budget calculator .

But no Minnesotan who cares about the state’s future should settle for those questions alone. In the urgency forced on us by the state’s fiscal mess, this is the time to probe deeper with questions about the very structures of government as it meets – or fails to meet – Minnesota’s priorities and future needs. To name a few: How should the state shift its resources to meet a future when baby boomers will retire and a new generation will be challenged to fill their jobs? If we cherish K-12 education enough to make it our single biggest general fund expenditure, then shouldn’t we insist on closing the achievement gap between white students and racial minorities? Shouldn’t we demand better achievement in science for all students? How can we restructure long term care so that we don’t kick Granny out of the nursing home but we also don’t go broke paying the costs associated with an aging population? Can we find the political will to tear down inefficient government structures that are riddled with overlapping services and excessive costs? Can we deliver more services along regional rather than county or school district lines? Do we need as many college campuses? As many law enforcement units? As many prison beds? As many different IT systems? In the wake of the revamped federal health insurance system, should the state overhaul its costly health care programs? Rather than starting with a presumed budget and asking what can be cut, should the Legislature wipe its spending slate clean and use a “zero-based” approach, matching the state’s current needs with the funds that are available for each biennium?

In the months to come, you will see Minnesota’s fiscal crisis ignite ferocious political battles. Pay close attention, though, and you will see something else that you may not have expected. Many Minnesota leaders and groups are rising to meet the challenges posed by this crisis, to seek answers to the critical long-term questions. There is real excitement in the air. There is a wealth of ideas for securing Minnesota’s well-being. To supplement MinnPost’s budget calculator , with its crisis-driven questions, we will cover innovative ideas as they evolve this year. And we will touch base with the thinkers and leaders who are working to propel the state toward a more prosperous future. Click to write a comment or read comments about this post. MinnPost.com Full RSS Articles brought to you by: MinnRoast 2011 — Journalists & politicians gently skewered Add your name to a great group of sponsors. 46 so far. Going to printer tomorrow.

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A group of investors seeking to pressure lenders to buy back potentially billions of dollars in bad loans says it will soon deliver strong evidence banks have treated investors unfairly

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Your adverse credit report does not come anymore in the way of availing loans of your requirements as loan providers know that because of unavoidable circumstances the debts accumulated. If you show the lender that you are serious towards paying back loans then you surely get bad credit loans with an ease and even at comparatively lower interest rate. Borrowers utilize bad credit loans for variety of purposes like making home improvements, buying vehicle, enjoying a holiday trip or even paying off old debts.

A borrower is called having bad credit when there are at least one or two cases of County Court Judgments or payments defaults against him. As a result, credit score of these borrowers plunges. However getting loan is still easier for such borrowers.

Best way to take bad credit loans is through placing any of your property as collateral with the loan provider. The collateral gives adequate security to the lender about his loaned amount. In case payment default from borrower happens again, the lender can recover the loan amount by selling the collateral.

Bad Credit Loans when are taken against property, give you a larger amount of loan ranging from £5000 to £75000. If greater amount is to be borrowed then the equity in the collateral comes into play. Higher equity will ensure greater loan despite bad credit of the borrower.

In case of secured bad credit loans, the interest rate remains lower. The borrowers do not loose much in terms of interest rate and in fact they can bargain for even further reduced interest rate provided they compare different bad credit loans packages offered by numerous lenders online.

Tenants and non-homeowners, who normally do not have property to take loan against, also take bad credit loans. For these borrowers the rate of interest may be little higher due to absence of collateral. But again a comparison of the interest rate may be of great help in achieving lower interest rate. Unsecured bad credit loans may come with lower interest rate also if financial standing and loan repaying capacity of the borrower is good.

Borrowers, meanwhile, should make efforts towards improving their credit score. A credit score of 620 is considered satisfactory for a safe loan. If you can pay off some of debts and then get the development included in your credit report by a reputed agency then credit score may go up substantially.

Make sure that bad credit loans improve your financial health. Pay the loan installments regularly. Avoid taking a loan that is beyond your paying capacity so that you do not fall into debt trap anymore.

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