With all the attention focused on the crisis on the Korean peninsula, one story has barley received any attention and that is the announcement from the Federal Reserve that U.S. unemployment will stay high through 2012.
Top Federal Reserve officials have projected the unemployment rate will stay over 9 percent for 2011 and will only start to fall just below 9 percent in 2012, this after spending well over a trillion dollars in stimulus spending by the federal government.
Corporate America seems to have come out of the recession and is sitting on almost $3 trillion in assets, but unfortunately they are fearing what the unknown will bring from Washington. Will it be more regulation, higher taxes, and what will be the fallout from the recent passed health care reform legislation. This will come as no surprise to small business owners across the nation as they are facing one of the most toxic environment in recent memory. Just this month it was reported that new business start-ups have decreased as more individuals are thinking twice about starting a business. Governments at all levels fail to realize the true strength of America is the small business owner and the entrepreneur. Unfortunately, Washington seems to pay more attention to Wall Street and corporate America and leaves the small business owner in the cold.
It's too bad everyone has missed this announcement by the Federal reserve, but it should be no surprise to anyone!
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