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Bernanke fears of high unemployment for years to come

Chairman of the US Federal Reserve Ben Bernanke.(AFP Photo / Saul LOEB)

During the Fed’s annual address from Jackson Hole, Wyoming, US Federal Reserve Chairman Ben Bernanke said current economic conditions are setting America up for “daunting” challenges and continued grim employment numbers.

Friday morning, the overseer of America’s central bank said during the Fed’s annual symposium that “we must not lose sight of the daunting economic challenges that confront our nation,” suggesting that as the country assesses the benefits and costs of alternative policies, the outcome might worsen nevertheless.

Mr. Bernanke also insisted that the current unemployment epidemic that has haunted the length of much of President Barack Obama’s administration may extend into the unforeseeable future if changes for the better aren’t implemented soon.

“The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years,” Bernanke said.

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