There has been some major economic disappointment for at least two members of the Federal Reserve. It seems our economy has been stuck somewhere between low gear and reverse for far too long. So think New York Fed President William Dudley and Atlanta Fed President Dennis Lockhart.

In a foreboding question Mr. Lockhart asked at a leadership summit in New York, “Is America losing its economic mojo?” In response to his own question he stated, “There is some evidence to the affirmative.” He went on to note that business data indicates there are less and less business owners that are expanding their labor base and fewer employees are moving on to better jobs.

The more optimistic of the two, Mr. Dudley felt that circumstances that have stood in the way of a more robust economy will somehow evaporate in the first part of 2014, but also felt the need to hedge his bets and added, “this is just a forecast [and] has not been realized yet.”

As an enthusiastic supporter of Mr. Bernanke’s easy money policy, Mr. Dudley urges caution before tapering the flow the Fed has been pouring into buying our own bonds, and that the weak economy needs the life support the central bank supplies. The question that some ask is whether or not the more egregious elements of the ailing economy should just go away without continuing to feed at the Fed trough.

The weary economy has been plagued with a persistent jobless problem which leads to less consumer spending due in part to higher payroll tax along with a higher tax rate in general and a jump in interest rates which leads to a higher jobless problem. You can see where this leads.

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