Friday, December 18, 2009

10%+ Unemployment Is Good Enough For Ben

I had somewhat mixed feelings about renominating Bernanke due to fears about who a possible successor would be, but that was before his recent admission that fighting imaginary inflation is more important than bringing us anywhere near full employment. The amount of job growth that will be required to get us there is absolutely staggering. "Deficit hawks," if they really cared, would oppose him because a big reason for the increasing deficit is of course the recession.

Obama's people have made many mistakes on the economy, but this one might be the biggest one of all.