Federal Reserve Open Market Committee Chairman Ben Bernanke is pulling out all the stops to kill Congressman Ron Paul's legislation to audit the Federal Reserve Bank, this time with a November 29 op-ed column in the Sunday Washington Post.
With rampant foreclosures and declarations of bankruptcy, historic levels of money creation, a plummeting dollar, and double-digit unemployment, one would think that the already-bowing backs of the American public have borne enough of the burden of trying to pull the eonomy out of the rut of recession via more "stimulus" spending. This may seem obvious to most, but not everyone would agree.
Top Washington Democrats are planning another round of "stimulus" spending legislation to create jobs, according to the Los Angeles Times for November 27. “The renewed push to create jobs is driven by a recognition that the $787-billion stimulus program enacted in February is not a sufficient remedy for an unemployment rate that stands at 10.2%,” the Times reported, adding that “Congressional aides said the new program could cost tens of billions of dollars. Democratic House members who had wanted a larger stimulus said they would press for a substantial spending plan this time.”
The Federal Reserve is facing its severest scrutiny since the 1930s, both from an aroused public and from members of Congress, some of whom face tough reelection fights next year and know they will have to answer to the public. Moreover, scrutiny of the Fed has moved from Internet-only “conspiracy sites” to mainstream reportage — for example, "Analysis: Fed under fire as public anger mounts" and "Fed rage boils over on Capitol Hill."
When Bob Schieffer of NBC News asked the rhetorical question: "...has going a trillion dollars in hock to one country [China] made us more secure?", he was reminded of Everett Dirksen (Illinois Senator for nearly 20 years) and his famous comment: "...a billion here and a billion there and pretty soon you're talking about real money!".
The U.S. economy grew slower in the third quarter of the year than initially forecast according to the U.S. Bureau of Economic Analysis (BEA), which revised third-quarter growth down from a 3.5 percent annualized increase to 2.8 percent.
MSNBC reported on November 23 that America may be looking at a two-tier system of medical care. The news organization described the care at a clinic with two doors, one for those who pay for their medical services when the service is given, and the other for those who want the clinic to bill the patient’s insurer.
We dont have to hire historians to see where deficit spending will take us. We have only to look around now. Since the end of World War II, some of history's greatest national disasters have taken place right here in the Americas. North Americans used to laugh or shake their heads at the economies of the south that seemed always on the brink of collapse. Banana republics, we derisively called them. We're not laughing now.
President Obama’s stimulus package is reviving the economy and providing work for eager Americans all over the country. Don’t believe it? Just ask the folks that live in Arizona’s 15th Congressional District.
The Obama administration has recently reduced by 60,000 the number of jobs created or preserved by stimulus funds. The acknowledged overstatement of jobs underscores the problem with all government statistics: There is an inherent bias to report success and no real incentive to report problems.