It was revealed yesterday that President Barack Obama, hollowed be his name, actually told a lie. No, he didn’t chop down a cherry tree, but he did agree to extend tax cuts to the top 2%. The lie is being sold as a compromise for unemployment extensions for those at risk of losing their benefits. Well 99ers, looks like we are screwed.
Ben Bernanke, Chairman of the Federal Reserve Board, stated that 40% of the unemployed have been so for more than six months. He further stated that it could be five years or more before we can expect to see unemployment reduced to 5 or 6%. Sounds pretty grim but I believe it is worse.
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