On Wednesday, Federal Reserve Bank Chairwoman Janet Yellen warned a House of Representatives committee about ″growing risks″ to the American economy. Today she will appear before a US Senate committee to further elaborate on these risks. Meanwhile, markets worldwide declined sharply. Yellen cited a global economic slowdown, primarily driven by slow growth in China and other nations, which in turn are depressing the oil market. Under normal conditions, cheap oil is a good thing, as it spurs consumers to have more disposable income, which then leads us to increased production and more hiring by employers. But things have not been normal since 2008. The ′New Normal′ in the Age of Obama is to get used to being poor, unemployed and miserable all the time!