Last week Mitt Romney committed himself to picking a Federal Reserve Board chairman that will try to keep workers’ wage down, likely costing them tens of thousands of dollars over the next decade. You remember reading the front page news stories on this pronouncement?
Of course you didn’t read them, because the media largely ignored President Romney’s statement about his choice of Fed chairs. And all of them ignored its implications for people’s wages and living standards. The media would rather focus on the ongoing debate over President Obama’s birth certificate or, when we are lucky, tax policy decisions that might in the extreme case make $1,000-$2,000 a year in difference to the typical family. The much more important policy decisions that allow people like Mitt Romney to be incredibly wealthy and the rest of the country to be struggling are totally off the media’s radar screen.
Romney’s statement about the Fed fits in the latter category because he said that he would pick a chair who supports a “strong dollar.” The implication is that he wants the Fed to run policies that keep the dollar over-valued relative to other currencies, making U.S. goods uncompetitive in international markets. Courtesy of Dean Baker – Huffington Post
My Personal View:
Will this type of action not cut wages and at the same time create a no-jobs for the man in the street, mentality? As anyone knows by keeping wages low you cut the ability of the economy to grow by the power of your workers! The sheer fact that there is less money in the economy will prevent growth and with the Fed ready to issue another round of fiscal stimulation, this will help overheat an already massive debt burden! Then the only way is that the balance of debt over growth will tip them into a deeper recession than the 1930’s!
The only way any country, nation or people can make any country prosperous is by rewarding people for a job well done, that are at the sharp-end. As these people are the coal on which any economy will grow! Then instead of warming themselves on Capitol Hill on the embers of a dying economy they can look out and see a nation of people proud to be Americans,once again.
- Tuesday Night Video – Romney Economics (polentical.com)
- Romney campaign denies Romney’s claim that he supports health exception for abortion (dailykos.com)