Yesterday, Senator Chuck Schumer (D-NY) urged Federal Reserve Chairman Ben Bernanke to start quantitative easing or similar measures before November. Then, incredibly, he ordered, “Despite two false starts, we’re having a much rougher time than we ever imagined getting unemployment down. So get to work, Mr. Chairman.” He reasoned that Bernanke should act because Congress refuses to: “Maybe after November we will.”
Yeah, that’s right. Pass the buck to Bernanke because Barack Obama sure ain’t gonna cut government spending or cut taxes, so all that’s left is to order the Fed to print more money. And before November, just in time for Obama’s re-election. If Bernanke had a magic stimulus under his bed, he should have whipped it out four years ago for the good of the country. Now, it’s just obvious that he’ll be inflating the economy for political reasons.
Sen. Jim DeMint (R-SC) warned against the plan, saying, “If we’re printing more money to buy more of our national debt, we are diluting the value of our dollar over time.”
Bernanke, of course, was disingenuous: “We will act in an apolitical, non-partisan manner to do what is necessary for the economy. We have said we are willing to take further action … it’s very important that we see sustained improvement in the labor market.”
Apolitical? Non-partisan? You’ve got to be kidding. Without the monetary easing that Ben Bernanke’s foisted on the economy, the unemployment rate would be in the mid-9% range rather than its current level of 8.2%.
Bernanke has been saving Obama’s bacon for a while now.
Second, since when was it the federal government’s job to ensure employment? The American way was for the government to stay out of our way so we could create jobs through entrepreneurship. When did it become the government’s job?
Can you say Franklin Delano Roosevelt? Barack Obama should be able to. After all, if he, Schumer, and the Fed keep inflating the currency, the 1930s may not seem such a distant memory at all.