Today the Senate voted for Ben Bernanke to remain as the Fed boss. The president saw this as a victory, and called Bernanke, "a critical leader in the nation’s recovery from recession." That's interesting. Did he lead our recovery from recession? Let's take a look.
In January 2009, before the announcement of Obama's stimulus package, the Congressional Budget Office released its projections for the US economy in the 10 year future. Within these predictions were the following; the unemployment rate with reach slightly over 9% in the beginning of 2010, and the total deficit will reach $1.2 trillion. Since the stimulus package was created to retard these negative projections, we should now be proud to present true figures that are better than the projections. Right?
Currently the unemployment rate is 9.7%, and the total US deficit has reached $1.41 trillion. Now let's get this straight. Bernanke is apparently leading the recovery from recession, yet the fraudulent stimulus package bailout has lead to pseudo-criminal proceedings, and the economy has actually performed worse than was predicted without a stimulus package? Why is he keeping his job again?
If it's any consolation, at a vote of 70-30, he received the worst approval of any Federal Reserve chairman in US history.
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