Following is an intro to an interesting piece on “obamanomics” that includes some very thoughtful analysis. View this without a political agenda and just ask yourself whether there is economic reality in the current federal monetary policy and what is intended as an approach to stimulate an economy perceived to be weak.
The comments following the full article are quite pithy and worth reading.
A brute inflationary monetary policy of the kind we are experiencing today can hardly avoid leading to a growth in GDP that, after all, is largely a record of consumer spending. But we cannot judge an economic policy to be “working” simply by detecting such an increase in GDP. Nor may we say policy has “succeeded” just from increases in government jobs or government-subsidized jobs. An economy’s success, properly speaking, is one that increases long-term levels of production with robust private sector employment. In short, inflation and public sector growth do not mean a policy has “worked.” As the essence of Obamanomics is easy money and government aggrandizement, ther