No universities are clamoring to award me a doctorate in economics but even I know that Bernanke's action of having the fed spend 40 billion dollars a month to buy mortgage bonds is a bad move at this time. Oh, I know this or a similar move was expected and it may provide some short-lived stimulation to the economy and gain Obama some votes. Supposedly, it will result in the hiring of teachers, firemen and policemen. The stock market will go up as will the price of gold and silver, oil and other commodities, all because the value of the dollar falls.
The firm of Egan-Jones has down graded its credit rating on debt to AA- from AA, explaining that Bernanke's action will hurt the economy. In four years this administration has badly damaged the economy and managed the loss of millions of jobs. Some job-creating action could be taken immediately, including more oil drilling to make us self-sufficient in energy, lowering the corporate income tax from its global high of 35 per cent, doing away with Obamacare, eliminating some harmful and needless regulations, and renewing the Bush tax cuts.
Possibly the greatest deterrence to companies expanding and adding jobs is the uncertainty of taxation and regulation. They must know what to expect in the future in order to make plans. As on now, the future is scary.
The firm of Egan-Jones has down graded its credit rating on debt to AA- from AA, explaining that Bernanke's action will hurt the economy. In four years this administration has badly damaged the economy and managed the loss of millions of jobs. Some job-creating action could be taken immediately, including more oil drilling to make us self-sufficient in energy, lowering the corporate income tax from its global high of 35 per cent, doing away with Obamacare, eliminating some harmful and needless regulations, and renewing the Bush tax cuts.
Possibly the greatest deterrence to companies expanding and adding jobs is the uncertainty of taxation and regulation. They must know what to expect in the future in order to make plans. As on now, the future is scary.
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