Congressman Pittenger Challenges Chair Yellen On Outcome Of Monetary Policy, True Unemployment Rate

Statement

Today, Congressman Robert Pittenger (NC-09) challenged Federal Reserve Chair Janet Yellen on the negative economic consequences of the Obama Administration's monetary policy, as well as the deceptive unemployment rate, during Chair Yellen's appearance before the House Financial Services Committee.

"The reality is this recovery is the most dismal, slow, tepid recovery we've ever had from a recession. We look at the realities of this recovery. This last report of new jobs, there's only 150,000 new jobs. We have a two percent dismal economic growth.

"It seems to me that logic may come in. Perhaps well-intended policies have had an adverse effect. Chair Yellen, I commend you for your work and what you've sought to do, but it seems to me these accommodative policies have contributed to where we are today.

Chair Yellen, I would like to thank you, in your remarks, you made reference to the fact that there are those who are available to work but are not actively searching for work. You've also made reference to those who are working part-time and can't get full time jobs. These numbers are not included in the current unemployment rate of 4.9%. In reality, we're talking around 10, 11, 12 percent of real unemployment.

"The real numbers are much higher than 4.9 percent, so it's really disingenuous to say to the American people that these policies have contributed to 4.9 percent unemployment.

Source