Comments on: Empowered GOP may have fun kicking Bernanke around http://blogs.reuters.com/breakingviews/2010/11/03/empowered-gop-may-have-fun-kicking-bernanke-around/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: yr2009 http://blogs.reuters.com/breakingviews/2010/11/03/empowered-gop-may-have-fun-kicking-bernanke-around/comment-page-1/#comment-4562 Thu, 04 Nov 2010 00:09:21 +0000 http://blogs.reuters.com/columns/?p=4507#comment-4562 The GOP should go after the Fed, and reform it. Without such reform there can’t be an effective cure for the fundamental problems of the US economy.
If the GOP are fast enough, they’ll be able to stop QEII, and avoid the stagflation it will bring.

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By: CDN_finance http://blogs.reuters.com/breakingviews/2010/11/03/empowered-gop-may-have-fun-kicking-bernanke-around/comment-page-1/#comment-4550 Wed, 03 Nov 2010 19:51:41 +0000 http://blogs.reuters.com/columns/?p=4507#comment-4550 Thought the FED wasn’t supposed to be politicized? Funny how the republicans made it an issue when it’s their guys that dropped the rate from roughly 7.5% a decade ago to essentially negative now… talk about irony – and stupidity. My personal opinion is that the FED is over-reaching now mostly BECAUSE they are being overly politicized, that and because congress was and still is spineless when it comes to spending cuts and raising taxes; you know, the two ways to close a deficit. And Bernanke is saying as much.

If the US govt really wants to fight the deficit, how about try these on for size:
-reduce military overseas presence by 30% and sell the bases they leave to the people who are America’s allies where these bases are (Japan, Germany, South Korea…);
-redefine middle class, stretching it from half of median income to $1m… then give that group a 5% tax cut;
-anyone making over 1m, 50% straight up. No AMT, no evasion by being paid in stock, nothing! If you are an individual who has an income of $1m per year, you will write a cheque to Uncle Sam for half of that income every April;
-an overhaul of education, one where teachers are paid on a scale that pertains to their evaluated effectiveness. As for post-secondary education, an immediate 50% rollback in tuitions will be instituted and enrollment fees will no longer be allowed to increase more than inflation;
-lastly, govt employees get paid not more than 10% of median income and elected officials at all levels of govt should receive NO PAY! (unless their financial situation warrants it, ie they’re not independently wealthy which could be defined by having 1m+ in assets.)

And that should be enough to get America out of the unbelievable fiscal hole while preparing the next generation to be able to do something with the country other than start wars and blather on about the constitution.

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