This Tuesday, Federal Reserve Chief Janet Yellen commented at the British Academy in London that, while freer trade and rapid technological change have brought much that is positive to the U.S. economy, the resulting offshoring of jobs had been devastating for many American communities. In unusually direct remarks, she acknowledged that it has been difficult to design measures to help.
These points have been made by others. In fact, the Council of Economic Advisers released an extensive study on the issue last summer. What is unusual here is the fact that the head of the Fed, which is charged with controlling U.S. monetary policy to keep inflation and unemployment low, would enter this debate.
It would be natural that the Fed would be front and center on a discussion about unemployment. But this discussion is much less about how many people in total are unemployed than about the effects of unemployment on specific communities and specific groups in the economy.
Read more at:
http://thehill.com/blogs/pundits-blog/economy-budget/340221-unusually-candid-fed-chief-recognizes-trades-dark-side
