Bernanke: Congress biggest obstacle to growth

Posted by AzBlueMeanie:

You gotta love the headline: Fed Chief Calls Congress Biggest Obstacle to Growth – Economist's View, from a New York Times report, since recaptioned Fed Chairman Reaffirms Stimulus and Warns Congress Over Cuts:

The Federal Reserve’s chairman, Ben S. Bernanke, sharpened his
insistence Wednesday that the Fed remains committed to its economic
stimulus campaign and that it did not intend to signal it was lowering
its sights in recent weeks.

Mr. Bernanke said that the Fed expected the economy to gain strength in
the coming months, potentially allowing the Fed to decelerate its
stimulus campaign not because it has changed its goals but because it
has begun to achieve them.

But he warned that Congress itself remains the greatest obstacle to
faster growth. Federal spending cuts are reducing growth this year by
about 1.5 percentage points, he said.
While the Fed expects the impact
to diminish next year, he said there was a risk Congress would create
new problems for the economy.

“The risks remain that tight federal fiscal policy will restrain
economic growth over the next few quarters by more than we currently
expect, or that the debate concerning other fiscal policy issues, such
as the status of the debt ceiling, will evolve in a way that could
hamper the recovery,” Mr. Bernanke said during a biannual appearance
before the House Financial Services Committee.

Tea-Publican ideological extremism and adherence to a disproved and discredited conservative economic theory is slowing economic growth and hindering the recovery and job creation. Tea-Publicans don't do math; they don't do economics; they don't do governance. They do confidence fairies and magical thinking. Why in God's name does anyone vote for these incompetent, dangerous fools?

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