The economy Obama inherited
Over and over and over, President Obama has reminded us that he inherited this economic mess we’ve got now.
The two chief architects of his “fiscal disaster” would be the person who decides which budgets come out of Congres on the federal side. And, on the public side, it is largely determined by the Chairman of the Federal Reserve. With Congressional spending plans, it is determined whether money is infused into the economy, or, in the case of Clinton’s latter years, money is pulled out of the economy. It is the Chairman’s decisions that determine whether credit is easier to get with lower interest rates, or harder to get with higher interest rates. It has been the balance of these two factors that have driven our economy for a long time.
Those two powers that be at this time would be Nancy Pelosi, who’s Congressional spending bills have determined the money flow since 2008, and Ben Bernanke, who was appointed Chairman of the Federal Reserve in 2006. Upon taking office in 2009, Obama did not challenge Pelosi’s leadership role. That meant a continuation of the economic policies since 2008. As of today, Obama is re-appointing Ben Bernanke as Chairman of the Federal Reserve. That means a continuation of the policies of the Federal Reserve since 2006.
Which is it? If he inherited a fiscal mess, then he should be doing something about getting the people who created the mess he inherited out of the way, I would think.
That’s right, he’s blaming it all on Bush. The person who can suggest a budget, but can not vote on it.
Folks, this is pure BS. The next time he complains about the economy he inherited, ask him why he didn’t do one single thing about the people that created that mess.