Turns out Mitt's plan to create 12 million jobs in 4 years, finally has a name
-- it's called the "Ben Bernanke" -- Dooh!
Fed Undertakes QE3 With $40 Billion MBS Purchases Per Month
by Joshua Zumbrun, Bloomberg News, sfgate.com -- Sep 13, 2012
[...]
Bernanke said the open-ended purchases would continue until the labor market improved significantly. “We’re not going to rush to begin to tighten policy,” he said. “We’re going to give it some time to make sure that the economy is well established.”
[...]
Job Outlook
The Fed now expects the job-market outlook to improve more swiftly by 2014, with unemployment forecast to fall to 6.7 percent to 7.3 percent, compared with 7 percent to 7.7 percent in their June projections. In 2015, unemployment will fall to 6 percent to 6.8 percent.
Growth will improve to as much as 3 percent next year and as much as 3.8 percent in 2014, up from upper estimates of 2.8 percent and 3.5 percent in their previous forecasts.
[...]
Who knew Mitt had the inside story with old Ben? Wait a minute,
Who needs Mitt now, now that his 12-milllion jobs secret's out?
-- Double Dooh!
Of course Republicans will kick and scream, and basically throw another tantrum -- saying it's not fair! What gives Bernanke "the right" to pump up the Economy for average people?
To make multi-year commitments all designed to put actual Americans back to work?
Well in a word -- his Job Description does ...
Full Employment Act --
Requires the Chairman of the Federal Reserve to connect the monetary policy with the Presidential economic policy.
[...]
The Full Employment and Balanced Growth Act (known informally as the Humphrey–Hawkins Full Employment Act), is an act of legislation by the United States government.
[...]
The Act set specific numerical goals for the President to attain. By 1983, unemployment rates should be not more than 3% for persons aged 20 or over and not more than 4% for persons aged 16 or over, and inflation rates should not be over 4%. By 1988, inflation rates should be 0%. The Act allows Congress to revise these goals over time.
If private enterprise appears not to be meeting these goals, the Act expressly allows the government to create a "reservoir of public employment." These jobs are required to be in the lower ranges of skill and pay to minimize competition with the private sector. [...]
In the United States, the Humphrey-Hawkins Full Employment Act of 1978 allows the government to create a "reservoir of public employment" in case private enterprise does not provide sufficient jobs. These jobs are required to be in the lower ranges of skill and pay so as to not draw the workforce away from the private sector. However, the act did not establish such a reservoir (it only authorized it), and no such program has been implemented in the United States, though the unemployment rate has generally been above the rate (3%) targeted by the act.
A "
Reservoir of Public Employment" ... that sounds pretty good,
But What are the "Triggers"??? ... er nothing, except the "Lack of Full Employment" ... and a Private Sector that is dragging its feet about Re-hiring ... Unemployed Americans!
Hmmm, THAT sounds just like the malaise the Republicans ordered!
WTG Ben Bernanke! Don't let Mitt's belly-aching get in the way -- of putting people back to work now! Like the Ryan-blocked House should have done over a year ago.
Hey, the normally twitchy stock market -- took it as very good news -- something to give Employers the confidence to hire again -- for years to come.
Something the Republicans would have known, if they hadn't forgotten WHO they are working for again. The American People.
Sorry Mitt -- looks like we won't need your "secret plan" after all. Well there's always Corporate-raiding to fall back on -- assuming those Loopholes don't somehow get closed too.
Hmmm?