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September 21, 2012

Fed can only do so much on its own


Some in Congress flatly refuse to have their fingerprints on anything President Barack Obama might take credit for, no matter how destructive such intransigence may be to the economy’s recovery. The latest example came this week when the Veterans Job Corps bill was blocked on a Senate technicality despite a 58-40 vote and some bipartisan support.

“Once it incorporated ideas from both sides of the aisle, I thought it would be an easy sell,” said Tom Tarantino of the Iraq and Afghanistan Veterans of America.

Bernanke seems aware that he will be judged on the success or failure of his policies. But monetary policy is only half the equation, and fiscal policy is in the hands of a Congress that seems content to do nothing and pass the buck instead to Bernanke and the White House.



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