In the previous post comment section Jim Glass provided me with this quotation from President Obama:
“I want a Fed chairman that can step back and look at that objectively and say, let’s make sure that we’re growing the economy, but let’s also keep an eye on inflation. And if it starts heating up, if the markets start frothing up, let’s make sure that we’re not creating new bubbles.”
So that’s it. The reason America is about to suffer through 8 years of high unemployment is not GOP obstructionism, but rather because our President is listening to the wrong set of progressives. We either have the monetary policy Obama wants, or we might even have a more expansionary policy than he’d prefer.
Suddenly Obama’s mystifying behavior back in 2009 doesn’t look so mysterious.
BTW, I just wasted an hour of my life looking for the Fed’s new growth forecast (from the recent meeting.) My iPad is almost worthless for searching the Internet. Does anyone know the Fed forecast of 2013 and 2014 RGDP growth?