We Know the Economy Stinks – So Stop Yellen

It’s all about the economy, stupid! Isn’t that what democrat strategist James Carville reminded us all in 1992?

Actually, he said it as part of a 3-pronged point – “The economy, stupid” – “Change vs. more of the same” and “Don’t forget health care.”

But of course, what stuck – what everyone remembers is “It’s the economy stupid.”

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Frankly, the Republicans could steal Carville’s 3-pronged slogan word for word. We are 23 years removed from Carville’s famous phrase and it’s more applicable today than it was then.

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But I thought the economy has been improving. Barely a month and half ago, Politico told us, so it must be true. They wrote that “The United States economy is increasingly the envy of a struggling world…The economy created another 252,000 jobs in December, a record 58th straight month of private sector gains. The [U3] jobless rate dropped to 5.6 percent, nearly back to normal after peaking at 10 percent in October of 2009. And the economy turned in a robust 5 percent growth rate in the third quarter of last year.” So I guess that makes us the best of the worst?

Evidently, Democrats agree with this assessment, as Politico reports that Republican claims of a weak economy are just “sour grapes from partisans whose warnings of a disastrous ‘Obama economy’ look increasingly ridiculous.”

“Some of the early moves by the Obama administration clearly helped get us to where we are right now, especially the government being the spender of last resort after the crisis,” said Beth Ann Bovino, chief U.S. economist at Standard & Poor’s. “But the Federal Reserve also played a very big role. And this is also the natural shape of a slow recovery from a deep financial crisis and recession that is finally getting some traction.”

Funny – Fed chief Janet Yellen doesn’t see things quite that way. Sure, she may dance around the truth, but her sentiments and actions are clear.

On Tuesday, Thad Beversdorf at First Rebuttal.com has a breakdown of Yellen’s sentiments. He writes that the economy is still so weak “that the Fed cannot even suggest that [interest] rates will raise anytime over the next several FOMC meetings.  In short, the economy is still very sick. But so let’s break down Janet’s point of view on the economy and respective policy decisions.”

Thad rattles off some of Yellen’s positions: “No rate increase in the foreseeable future. Economy is looking stronger but fails to have any real strength or even signs of strength to predict when a rate increase may be forthcoming. Agrees the U3 [unemployment] figure might be misleading and that U6 tells a more accurate story. Believes housing, albeit more likely via multifamily construction, could improve and wages and incomes are still weak.”

He adds: “So essentially, nothing has changed in 6 years.  In fact, absolutely nothing has changed in 6 years.  So then there has been no material improvement in the economy whatsoever.”

Now remember, Janet Yellen and the Fed has essentially 2 arrows in its quiver – fiddling with the money supply and raising and lowering interest rates – so when she states that interest rates must remain low for the foreseeable future, that’s all you need to know about the economy. It stinks and she sees no light at the end of the Obama economic tunnel.

These people can make all the speeches and claims they wish, but their actions speak volumes. Until Yellen stops printing money and announces a rate increase, we know for a fact the economy is crap and she knows it will remain this way.

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