The quotation for today gets to one of the core reasons as to why the economy of the United States is sluggish. Although the reason cited for economic sluggishness in the United States has nothing to do with regulations or the economic policies of the Obama Administration, it does help highlight the failure of the Republican-controlled Congress' economic policies; policies that have blocked job-creating actions, thereby obstructing the economic recovery in the United States.
The difficulties in the euro area have affected the U.S. economy. The European Union accounts for roughly one-fifth of U.S. exports of goods and services. Not surprisingly, U.S. exports to Europe over the past two years have underperformed our exports to the rest of the world. In addition, weaker demand from Europe has slowed growth in other economies, which has also lowered foreign demand for our products.
Ben Bernanke
Ben Bernanke is the Chairman of the Board of Governors of the Federal Reserve System of the United States. The Federal Reserve System is the central bank of the United States.
Chairman Bernanke's quoted comments were from his testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives, Washington, D.C.; given 21 March, 2012.
To read Chairman Bernanke's complete testimony please follow the citation presented below.
Bernanke, Ben. "The European Economic and Financial Situation: Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives." Washington, D.C. 21 March, 2012.
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