uicksilver workshop"To be useful, a fiscal stimulus package should be implemented quickly and structured so that its effects on aggregate spending are felt as much as possible within the next 12 months or so," Bernanke said. But he said any package should be "explicitly temporary" to avoid running up the government's long-term debt.That's all you need to understand America, now move along. What's that? You want to know the facts? Bah! You don't need facts! If you did, CNN would have given them to you.
He said extending the Bush tax cuts -- which are set to expire in 2010 -- could have a positive impact on the stock market today. But Bernanke stopped short of suggesting that the Bush tax cuts should be made permanent, telling lawmakers he supports "the law of arithmetic."
"What comes in at least has to equal what goes out at some point," he said.
Here are statistics from the Federal Reserve through 2006. You can clearly see the progression of consumer debt. It's far worse than the White House let's on.
Labels: Ben Bernanke, economy, George W. Bush
