“Loose Money”: Paul Ryan Just Twisted Himself Into A Knot Trying To Undermine Obama’s Economic Record
It is not surprising that House Speaker Paul Ryan is unimpressed with President Obama’s economic record. What is surprising is who Ryan thinks does deserve credit for helping the recovery: the Federal Reserve.
“I think the Federal Reserve has done more,” the speaker told reporters on Tuesday, after being asked if Obama “deserves any credit at all” for the recovery. “What’s happening is people at the high end are doing pretty darn well because of loose money from the Fed,” he said. This will be news to followers of Ryan’s career. He’s long railed against loose money from the Fed, claiming it will debase the dollar and lead to inflation. (It hasn’t.)
It’s not crazy to claim, as Ryan did, that the Fed’s policies amounts to “trickle down economics.” But there is nothing in Paul Ryan’s history to suggest he thinks monetary policy can help the economy at all, even if it’s just at the top. Plus, if that’s his critique, there are some progressive money-printing enthusiasts — and even some conservative ones — who would probably like to schedule a chat with the speaker.
To recap: Paul Ryan thinks loose money helped the economy. But Paul Ryan opposes loose money. He also thinks loose money favors the rich too much. But shows no indication of wanting to make loose money favor the poor.
By: Jeff Spross, The Week, January 13, 2016
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Paul Ryan is “all mixed up”! His “fairy tales” to the Republican are like
the ones Hillary tells to the Democrats!
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What he does not say is Ben Bernanke and his governors did this because Congress failed to do its job. The Presidency gets too much credit and too much blame for the economy, but they do provide tailwinds or headwinds.
Obama helped provide tailwinds with the Stimulus Bill which did work per six econometric firms including the CBO, the abatement of 2% of pay of the FICA taxes, extended COBRA benefits for those who lost their job, and the continuation of the Bush tax cuts for the middle and lower classes.
Plus, Obamacare has actually been helpful to the economy as well as helping people in gain insurance. And, per a George Washington University study, if the remaining states expand Medicaid, their economies would be helped, especially in rural areas, where many GOP voters reside. People are using medical services and making Rx purchases due to pent up demand (which is reason some carriers are seeing some bad experience) and using other dollars for other purchases. And, what is not talked about is in our new sharing economy with greater numbers of independent contractors, Obamacare is necessary.
As for Congress, the Transportation Bill just passed is long overdue, as it could have helped more with the economy and jobs with interest rates so low. It would have been great if this was done several years ago. Both parties are to blame for that slowness.
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