Remember when Bush was president, 4% unemployment and $3 gas was considered disastrous–a horrible, wretched economy? Yet 9% unemployment and $4 gas is considered recovery today. “Yes, but it would have been a lot worse had not Obama saved us!” comes the chorus from the left. That makes as much sense as saying the Broncos would have gone to the playoffs if only they had started Tim Tebow. We can’t possibly predict what might have happened. There is no parallel universe we can look to. Who knows, maybe it would have become a lot better had the federal government NOT gotten involved.
In the fourth grade, I remember being taught that printing money creates inflation. The example given at that time was right after the Revolutionary War, where the individual states printed their own currencies, at will, creating rampant inflation. It wasn’t until a national currency was adopted, backed by gold, did it finally settle down.
Now the feds are printing money like the printing press is some sort of toy and they have the audacity to claim there is no inflation? I know Bernanke was a Bush appointee and I didn’t like him even back then, but does he really think we are this uninformed? Any chance he’d consider early retirement?