I’m not sure I understand where these conventions come from about when you are and aren’t allowed to question the good faith of powerful Washington figures. Scheiber has a sound argument here that Bernanke is behaving more like a reflexive opponent of change to the status quo than like someone with a well-honed concern for creating appropriate institutional arrangements. That seems like a pretty good reason to make it our working hypothesis that he is in fact more of a reflexive opponent of change to the status quo than like someone with a well-honed concern for creating appropriate institutional arrangements.
You would expect a Bush administration economic policy appointee to be interested in reducing government spending, in creating a business-friendly regulatory environment, and in securing the interests of prosperous asset owners rather than poor unemployed people. And Bernanke is a Bush administration economic policy appointee, and those appear to be the things he’s interested in.
Senator Bunning to Bernanke "You are the definition of a moral hazard. Your Fed has become the Creature From Jekyll Island"
Unlike social security and medicare, the money spent on defense goes to jobs, the income from which pays not only federal, state and local taxes, but also medicare and SS taxes. If you cut defense spending in half, please tell me where all of those unemployed people are going.
Focusing only on the economic aspects,defense spending is nearly 5% of our GDP. Increases in defense spending in 2003 kept the country out of a recession that year.
The reason Bernanke is saying this is because the country cannot afford entitlements, interest on the debt, and defense.
it's because we produce almost nothing that anyone else in the world wants to import. If we simply produced domestically all the vehicles, all the electronics, etc that we consume domestically, none of this would be an issue.
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