Fed Chief Bernanke: We Need More Stimulus to Boost Economy & Reduce Unemployment
Posted by Jim Hoft on Thursday, July 22, 2010, 4:51 PM
It worked so good the first time.
Barack Obama is the worst president in history on job creation–
According to data from the U.S. Bureau of Labor Statistics, the U.S. shed 2.3 million jobs since February 2009, Obama’s first full month in office. Since Obama’s election in 2008, the US economy has shed 4.4 million jobs. That’s worse than Herbert Hoover.
The US economy lost another 125,000 jobs in June. Just ask Alvin Greene.
Barack Obama’s Keynesian policies have failed miserably. Democrats blew a Trillion dollars on a failed stimulus bill and all they managed to do was triple the national deficit in one year.
The national debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II.
But, never mind all that…
The Fed Chief Ben Bernanke told Congress today that country needs more stimulus to strengthen recovery and reduce unemployment.
SGVTribune reported, via Free Republic:
Federal Reserve Chairman Ben Bernanke told Congress Thursday that the fragile economy needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Testifying before the House Financial Services Committee, Bernanke urged lawmakers to come up with a credible plan to reduce the government’s record-high budget deficits in the long run. But he said they shouldn’t move now to slash spending or boost taxes in the near future.
“I believe we should maintain our stimulus in the short term,” Bernanke said as he spoke about the economy’s challenges for the second straight day on Capitol Hill.
Bernanke again said the Fed is prepared to take new steps to bolster the recovery if needed.
“We are ready, and we will act” if the economy doesn’t continue to improve, Bernanke told the House panel.
Another cool Trillion ought to do.
It’s only our grandkids who’ll have to pay it off after all.
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Published May 24, 2012 at 8:46 pm - 89 Comments
Freddy commented:
I have no idea why they let him stay for another 4 years. Bernanke will be a problem until he is finally removed.
As a historian he studied the great depression. As an author, his memoirs will reveal how he created a second one.
kato commented:
Bernanke is a jackass.
He was a jackass under the Compassionate Dope. He’s an even bigger jackass under the Jivemaster.
The Fed is now holding about a trillion in mortgages. As the government debt bubble grows by the week, how is the Fed going to sell this stuff except at a loss, as rising interest rates devalue the securities? The loss, of course, will be borne by the taxpayers. (Notice I say the taxpayers, to distinguish them from that large intergenerational group of freeloaders in this country.)
mark commented:
If Obama said his predecessor got us into this mess and Obama’s policies GOT US OUT, then we’re out right and all is well? So why the need for another stimulus? I’m just a dumb American and don’t quite understand all these decisions those smart people with Nobel Prizes have to make for us every day.
Mike W commented:
So this is why LaHood is saying that Republicans are secretly telling him that the stimulus is working.
Just_Saying commented:
Absolultely insane.
(“It’s only our grandkids who’ll have to pay it off after all.” Make that our great, great-grandkids…)
.
ogee commented:
They didn’t even create a budget this year! There is no budget. Where did the last two humongous piles of billions of stimulous dough go to anyway? Oh that’s right. They don’t want to tell us. What percentage of total combined taxes including soc. sec. do you all pay? Do you know?
Bernake, put a lid on it.
Kemo Sabe commented:
They tell us it was Bush’s spending that helped get us into this and then they turn around and tell us it’s oby’s spending that’ll get us out of this.
What am I missing????
S. Wolf commented:
A house divided against itself cannot stand, as Lincoln said, and a nation divided between those dependent on government and those dependent on themselves who pay for those dependent on government cannot long endure.. and that is why Zero is increasing the numbers of those dependent on government and regulating those who pay for the dependents.
Eric commented:
I really loved that graphic when it showed up LAST YEAR, but how about an update?
I realized the “gov” has decided to not post a budget until after the Nov. elections, but c’mon….
Also, shouldn’t the “projection for 2009″ be kind of actual by now?
I understand you are copy/pasting from an old source, and that source is likely to be “disappeared” by now.
Can no one post an actual graph from 2009?
Militant Conservative commented:
nobody likes a whiner Eric.
History is repeating itself due to poor leaders. this is all you need to take away from this. Stock up poop gonna hit the fan soon.
powder is dry.
Colo Kid commented:
The real problem is that Obama went to the same School of Economics as Robert Mugabe of Zimbabwe. Both show the same destructive tendencies in depleting their nations wealth and destroying the very citizens who make the economy work. Think about it.
Chisum commented:
Eric,
Is this what you are looking for?
http://blog.heritage.org/2010/02/05/past-deficits-vs-obamas-deficits-in-pictures/
bill-tb commented:
First we had the march of the grinning jackasses on health care Sunday, and now we find out it’s all they know how to do.
WSG commented:
Perhaps they might try to create an environment that would encourage big business to get off of the 2 trillion in cash they are hoarding. More likely, they’ll just seize it.
Opus #6 commented:
Guy’s a genius. He says we should spend our way out of debt with our childrens’ money.
Our kids should go to Washington and place him under citizen’s arrest.
Chrissy B commented:
I’ve witnessed first-hand how the first porkulus package “stimulated” the economy and helped unemployment in my area…five out-of-town union people have been installing stop lights in the town up the road for the past 5 months. They work approx. 5 hours a week on the project. At the rate they are working, the job MIGHT be finished in 2 years. It hasn’t done anything for the local economy and it hasn’t improved the unemployment situation of anybody in this area. Proposing another porkulus on top of the failed first one is just another step in keeping us slaves to the government while filling the unions pocketbooks.
squeaky commented:
[The Patrick administration faces renewed criticism over its job creation efforts with the state unemployment rate at 9 percent and a measly 23 stimulus-funded openings on the state’s official online jobs board.] now they did hire well over 1,000 workers primarily to process food stamps. but then again nancy pelosi did say that food stamps will stimulate better than tax cuts…
http://news.bostonherald.com/news/politics/view.bg?articleid=1269711
aprilnovember811 commented:
I think it’s safe to say Bernanke is working with them now. They are robbing the United States Treasury. No one with ties to these people should be trusted. All the way to the top of the military. If they work for Obama, they are spies, and traitors.
Maria commented:
Fire Ben Bernanke.