So-called "experts" continue to be confounded by our slow economic recovery.
The economy's continuing struggles aren't just confounding ordinary Americans. They've also stumped the head of the Federal Reserve.
Fed Chairman Ben Bernanke told reporters Wednesday that the central bank had been caught off guard by recent signs of deterioration in the economy. And he said the troubles could continue into next year.
"We don't have a precise read on why this slower pace of growth is persisting," Bernanke said. He said the weak housing market and problems in the banking system might be "more persistent than we thought."
I'm neither surprised nor confounded. There are three primary causes for the slow recovery:
1. Regulatory uncertainty. Everyone is anxious over the expansion of regulations under the Obama Administration.
2. Out of control debt and spending. We can see what debt is doing in other countries, and it's scary to see that our leaders have little capacity for serious cuts to spending.
3. Structural changes due to technology. Some of the jobs just aren't coming back, ever -- and it isn't clear that the displaced workers are capable of filling the new jobs that are being created.
Quick, someone nominate me for Fed Chairman or SecTreas!