For Immediate Release
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167
Federal Reserve and Unemployment
Mark Weisbrot is co-director of the Center for Economic and Policy Research.
He said today: "While America is suffering through its worst spell of
unemployment since the Great Depression, some Republicans in Congress
actually want to change the law so the Fed can't legally pursue full
employment as it is supposed to do now. This is pretty crazy stuff.
Meanwhile, there is backlash against the Fed for actually doing
something right this time -- 'quantitative easing' -- and fears of
inflation when it is actually too low. The Fed's latest move can
actually reduce the interest burden of the country's public debt and
makes it easier for the Congress to do what it should have done two
years ago: enact a stimulus that is big enough to actually pull the
economy out of its current slump and put people back to work. It's not
enough, but at least it's a step in the right direction."
Mid-Year Campaign: Your Support is Needed Now.
Common Dreams is a small non-profit - Over 90% of the Common Dreams budget comes from reader support. No advertising; no paywalls: our content is free. But our costs are real. Common Dreams needs your help today! If you're a regular reader—or maybe a new one—and you haven't yet pitched in, could you make a contribution today? Because this is the truth: Readers, like you, keep us alive. Please make a donation now so we can continue to work for you.
A nationwide consortium, the Institute for Public Accuracy (IPA) represents an unprecedented effort to bring other voices to the mass-media table often dominated by a few major think tanks. IPA works to broaden public discourse in mainstream media, while building communication with alternative media outlets and grassroots activists.