Federal Reserve Chairman Ben Bernanke presented his
semi-annual monetary report to Congress this week. Bernanke was disciplined and on message. Unfortunately, the same cannot be said of Congress.
In other words, congressional “leaders” berate the Fed chairman over high energy prices, lampoon him for a focus on core inflation, and then scold him for having raised rates too much! It’s a heady combination of hypocrisy, stupidity, and ignorance that’s otherwise known as Washington D.C.
Sadly, the U.S. shift toward economic populism and tax hikes, and away from free trade, is coming at a time when most of the rest of the world is moving down the Laffer curve by cutting tax rates and removing obstacles to commerce.
Perhaps it’s time for Congress to end the clown show and become acquainted with the basics of monetary policy and pro-growth economics. American competitiveness and prosperity depends on it.
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