Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.
Interpretation
What this quote means
Long-term unemployment decreases a worker's chances of being hired, even in a recovering economy.
This quote highlights the detrimental effects of prolonged unemployment on an individual's employability. Janet Yellen emphasizes that not only does the experience of being unemployed take a toll on a person's skills and confidence, but it can also lead to a long-lasting impact on their ability to secure future employment, even when job opportunities increase as the economy recovers.
Themes
UnemploymentEmployabilityEconomyWorkerSkills
In practice
Example use cases
In a discussion about job market challenges, one might quote this to illustrate the importance of addressing long-term unemployment.
More from Janet Yellen
All quotes βWe need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
Janet YellenRead
A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
Janet YellenRead
Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
Janet YellenRead
For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
Janet YellenRead
Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
Janet YellenRead
Similar quotes
Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
Thomas SowellRead
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
John Maynard KeynesRead
Building new roads and bridges creates jobs. Growing our exports creates jobs. Reforming our outdated tax system and our broken immigration system creates jobs.
Barack ObamaRead
What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.
Edmund PhelpsRead
Most poor people live in the poorest countries.
Bill GatesRead
History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.
Ludwig Von MisesRead