Federal Reserve Chairman Ben S. Bernanke said data that show the U.S. economy in recovery don’t fully capture the tough times felt by many.
Mr. Bernanke said that while measures of consumer spending, income and wealth point to improvement, “many individuals and households continue to struggle with difficult economic and financial conditions.”
His comments were made during a prerecorded speech on economic measurement to the International Association for Research in Income and Wealth in Cambridge, Mass.
Mr. Bernanke said statistics can sometimes hide important information. He said there have been interesting developments in the study of “well-being” and cited the kingdom of Bhutan, which abandoned tracking gross national product in 1972 in favor of a measure of happiness.
Mr. Bernanke made no comments about Fed policy or the July jobs report released last Friday.
Pelosi stands by Reid after Romney comment
BOCA RATON — House Minority Leader Nancy Pelosi is defending her Senate counterpart for claiming that GOP presidential candidate Mitt Romney hasn’t paid income taxes for 10 years.
Mr. Romney has said he pays taxes every year and that Senate Majority Leader Harry Reid is wrong.
Top Republicans have called Mr. Reid a liar.
Mrs. Pelosi, who was in Florida Monday, said that although the allegation is unproven, she didn’t think Mr. Reid was wrong to publicize it. Mr. Reid has said only that the tip came from a former Romney associate.
Mrs. Pelosi said she believed Mr. Reid’s claim that he got the information from a credible source. She said it was up to Mr. Romney to release more of his tax returns to prove Mr. Reid wrong.
So far, Mr. Romney has released only his 2010 tax return.
No contempt charge for ex-Edwards aide