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Republicans Don’t Want The Federal Reserve To Help The Economy
The question regarding whether or not the GOP wants the economy to improve was answered today when they criticized the Federal Reserve for “QE3″.
The Federal Reserve announced today that it was going to buy $40 billion dollars worth of mortgage backed securities per month in order to help the flagging construction industry and overall economy.
The Republicans said they don’t like this idea and believe the Federal Reserve is doing this for political reasons in order to re elect President Obama by strengthening the economy.
“It is really is interesting that it is happening right now before an election,” said Rep. Raul Labrador (R-Idaho). “It is going to sow some growth in the economy, and the Obama administration is going to claim credit.”
“I am shocked, just shocked, that politics are going on in this city!” Rep. Tom McClintock (R-Calif.)(sarcastically) said according to the Hill.
So what did the GOP want the Federal Reserve to do? Sit back as the European recession head winds drag the United States back into recession along with it?
They seem to want the economy to slow or stagnate in order for them to continue to blame President Obama. They know an improving economy is good for Obama and diminishes their opportunity to take over the White House.
This is right in line with everything else that they have done to stall and impede the strengthening economy. They stopped the President’s jobs act, they halted any form of congressional action to improve the economy — other than the typical cut taxes and deregulate plan that has failed in the past.
So, now the Federal reserve is doing what it is meant to do, strengthen the economy, and the Republicans are crying foul rather than applaud the action to strengthen the economy and help Americans.
This type of politics over policy mentality of the Republicans is what drove us to the edge last summer during the deficit ceiling fight. Unfortunately the GOP would prefer a weak economy and win the election, than a strong economy and a prosperous nation.