Sen. John Cornyn (R-TX) questions Ben Bernanke concerning the unemployment rate, the European recession and household income. Mr. Bernanke states that the United States exports to Europe accounts for 2% of our GDP. The export rate to Europe is almost next year’s GDP growth projection from the CBO of 2.8%. The upcoming European collapse coupled with inflationary pressure will put the economy into a deeper recession that even the media will not be able to cover.
The forecast by Mr. Bernanke in 2013 is one of a moderate recovery. His answers to Sen. Cornyn’s questions did not give much confidence for the economy.