Lack of Leadership in Washington Is a National Disgrace
With interest rates at records lows, Federal Reserve Chairman Ben Bernanke has committed to a plan to drive even lower the cost of borrowing for, among other things, home mortgages.
His aggressive action is based on the hope that, if loan rates fall, people and businesses will have more to spend, thus stimulating the economy, thus boosting jobs creation. Good luck to all involved.
Meanwhile, Bernanke’s move reflects the national disgrace that he’s the only game in town. Because no one in Washington, neither Democrats nor Republicans, is doing a damn thing about America’s unemployment crisis.
The Fed should try to free up money as a way to spark growth. But only the U.S. government, Barack Obama, President, can take broad scale fiscal actions designed to get workers working.
Distressingly, Obama and congressional Republicans are too busy with presidential politicking even to address the so-called fiscal cliff of automatic tax hikes and deep spending cuts that loom at the start of the year.
Read more: http://www.nydailynews.com/opinion/president-obama-congress-americans-back-work-article-1.1160164#ixzz26dsu7wvK