Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
April 20, 2014

Tapering Benefits Overshadowed by Congressional Missteps

Ezra Klein and Evan Soltas write that Ben Bernanke’s moment to shine will be overshadowed by inept Congressional decision-making:

“Congress is wrapping up Ben Bernanke’s term as Fed chair with a move in the wrong direction. The Fed’s lower rates are supposed to allow Congress to borrow more money right now to help the unemployed. Instead, Congress is letting unemployment benefits lapse at the end of this month. Ben Bernanke can lead a horse to water. But he can’t make them stop screwing the unemployed.”

“Since basically 2010 Federal Reserve policy has been getting more stimulative even as Congress has become a larger and larger drag on the economy.”

As Bernanke has warned: “monetary policy does not have the capacity to fully offset an economic headwind of this magnitude.”

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