WASHINGTON, Aug. 13, 2013 /PRNewswire-USNewswire/ -- More than four years after the recession officially ended, the economy is stuck in second gear. A panel of financial experts will address the state of the U.S. economy and financial system now and what needs to be done to pull America out of this tepid period of growth at a Newsmakers news conference at the National Press Club on Wednesday, Aug. 21. The experts will speak to the Federal Reserve's policies, the subsequent changes in interest rates and the resulting impact the economy. The panel will also touch on whether current economic policies offer the right incentives to boost growth and what needs to be changed.
While the economy is moving in the right direction, the recovery remains sluggish, preventing unemployment from falling quickly. Gross domestic product has grown less than 2% for three consecutive quarters. That's below the average growth rate for the duration of this recovery of 2% and well below the 3% rate the economy has historically grown. Incomes are stagnant and unemployment remains high at 7.4%. Add in workers who've dropped out of the work force because they're discouraged or are working part time for economic reasons and the unemployment rate stands at 14%. While the housing market is improving, home prices remain near levels last seen in the spring of 2004.
Our panelists include:
-Mohamed El-Erian, Chief executive and chief investment officer of Pacific Investment Management Co.
-Sheila Bair, Senior advisor to The Pew Charitable Trusts, chair of the Systemic Risk Council and former chair of the Federal Deposit Insurance Corporation
-John Taylor, Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution.
This National Press Club Newsmakers news conference is scheduled for 9:00AM, Wednesday, August 21, 2013 in the Club's Zenger Room on the 13th Floor of the National Press Building, 529 14th St, NW, Washington, DC, 20045.
Jennifer Schonberger, Newsmaker Event Host
(703) 346-0126, Jennifer.Alexis@gmail.com
SOURCE National Press Club