rssHigh Unemployment Isn’t a Big Concern for Conservative Republicans
Friday, June 25, 2010 at 3:29 pm
- 19 Comments
Writing at Slate, Daniel Gross wonders why Fed Chairman Ben Bernanke doesn’t seem to care much about high unemployment:
In a speech earlier this month, Bernanke noted that “in all likelihood, a significant amount of time will be required to restore the nearly 8-1/2 million jobs that were lost nationwide over 2008 and 2009.” In another recent speech in Michigan, he acknowledged that “high unemployment imposes heavy costs on workers and their families, as well as on our society as a whole.” But he doesn’t seem inclined to do anything about it. The Federal Open Market Committee this week stood pat on monetary policy and announced no additional efforts or initiatives to combat persistent high unemployment.
Gross dismisses ideology as he tries to explain Bernanke’s inaction, but I don’t see why. Bernanke’s indifference to high unemployment and low wage growth makes perfect sense if you just assume that is a conservative Republican, which wouldn’t be an unreasonable assumption, given his initial appointment by a conservative Republican. Here’s Matthew Yglesias, who made this point earlier in the year when Bernanke was up for reconfirmation:
For example, remember when conservative Republican George W Bush was president and made Ben Bernanke chairman of the Council of Economic Advisors? And remember when Bush put Ben Bernanke in charge of the Fed? And remember when Ben Bernanke didn’t see the underlying problems in the financial system? But remember how, in a moment of crisis, Bernanke did turn out to believe in forceful government intervention on behalf of financial institutions and asset owners? And that time when, having stabilized asset markets, Bernanke stopped caring about unemployment and wages? And then, of course, there was the time Bernanke opposed the creation of an independent Consumer Financial Protection Agency.
If it looks like a duck and quacks like a duck, then it’s probably a duck.
Gross’ “compelling” explanations for Bernanke’s inaction aren’t all that convincing in the face of the simple fact that Bernanke is a conservative Republican, acting as a conservative Republican would. Indeed, true to their ideology, Bernanke’s conservative Republican fellow-travelers in the Senate have been similarly unwilling to pursue measures to would lower unemployment. As Yglesias wrote as his blog, the real question isn’t “why is Bernanke indifferent to high unemployment?” it’s “why would President Obama nominate someone indifferent to high unemployment?”
Follow Jamelle Bouie on Twitter
19 Comments
Pingback posted June 25, 2010 @ 3:35 pm
[...] full post on The Washington Independent Don't miss a single post! Subscribe to my RSS [...]
Pingback posted June 25, 2010 @ 3:53 pm
[...] This post was mentioned on Twitter by Jamelle Bouie, UppityWomyn, Amanda C. Feeley, Mark Welkie, WashIndependent and others. WashIndependent said: High Unemployment isn't a Big Concern for Conservative Republicans – http://bit.ly/a1aSpV [...]
Pingback posted June 25, 2010 @ 11:00 pm
[...] High Unemployment isn't a Big Concern for Conservative Republicans … Post a Comment [...]
Pingback posted June 25, 2010 @ 11:40 pm
[...] The rest is here: High Unemployment isn't a Big Concern for Conservative Republicans … [...]
Pingback posted June 26, 2010 @ 3:27 am
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Pingback posted June 26, 2010 @ 7:01 am
[...] High Unemployment isn't a Big Concern for Conservative Republicans … [...]
Pingback posted June 26, 2010 @ 3:48 pm
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Pingback posted June 26, 2010 @ 9:29 pm
[...] High Unemployment isn't a Big Concern for Conservative Republicans … [...]
Pingback posted June 27, 2010 @ 1:42 pm
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Comment posted June 27, 2010 @ 5:34 pm
The Fed cannot impact unemployment directly–only indirectly. One of the Fed's responsibilities is to guide monetary policy in the interest of total employment. By keeping rates low, the Bernanke and the Fed are doing the right thing.
Solving the current problem of high unemployment will take a concerted effort; and if we as a country cannot figure out how to bring back the millions of jobs that have been outsourced to Philippines and India and China, then we need to figure a way to prevent people from starving in the meantime.
The Fed has done their job; the unemployed did their jobs (while they had jobs); it is now up to Congress to do their job, and extend unemployment benefits until new jobs are created.
Pingback posted June 27, 2010 @ 7:53 pm
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Comment posted June 27, 2010 @ 8:47 pm
Why would Bernanke act contrary to the Obama Administration, which has done little to increase private sector employment? Right now, I can't think of even one significant such action.
Pingback posted June 27, 2010 @ 10:15 pm
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Pingback posted June 28, 2010 @ 12:16 am
[...] High Unemployment isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Pingback posted June 28, 2010 @ 2:05 pm
[...] High Unemployment isn't a Big Concern for Conservative Republicans … [...]
Pingback posted June 28, 2010 @ 8:14 pm
[...] High Unemployment Isn’t a Big Concern for Conservative Republicans « The Washington Inde… [...]
Comment posted July 7, 2010 @ 3:40 am
Buy Cheap Football Jerseys from Sport Jersey's Store, Basketball Jerseys, NFL Jerseys,NHL Jerseys, NBA Jerseys,MLB Jerseys,Hockey Jerseys,Cheap NFL Jerseys,Wholesale NFL Jerseys
Cowboys cheap jerseys Steelers cheap jerseys Saints cheap jerseys Vikings cheap jerseys Raiders cheap jerseysYou may need Summer Equipment,Have a good summer holiday:Many kind of Brand Sunglsss ,Puma Shoes,Converse Shoes,Nike Shox Shoes .
Women's Air Max LTD on sale,Men's Air Max LTD Shoes was introduced in 2002,Nike Air Max 95 and Nike Basketball shoes are hot now,Nike Air Max 2009 retail for men and women,Nike running shoes and mbt shoes are the latest stock to hit our shores,with more boots shoes online,Our nike sneakers like Mens Shox NZ and Womens Shox NZ sale online.
Pingback posted July 25, 2010 @ 7:54 am
[...] High Unemployment isn't a Bіɡ Concern fοr Conservative Republicans … [...]
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.
