Thursday, December 10, 2009

Paul Ryan, Again!

If you don't think that Paul Ryan is pretty good at his job, consider this: Ryan is a conservative Republican elected in a heavily-unionized District--the same District which elected Les Aspin.

Maybe Ryan has the real "economics seat" in Congress, eh?

Now comes George Will:

Rep. Paul Ryan (R-Wis.), has, as usual, a better idea: Repeal the Humphrey-Hawkins Full Employment Act of 1978 that, he says, "dangerously diverted the Fed from its most important job: price stability." For 65 years after its creation in 1913, the Fed's principal duty was to preserve the currency as a store of value by preventing inflation from undermining price stability. Humphrey-Hawkins gave it the second duty of superintending economic growth.

.....in the midst of a column regarding the Ron Paul v. Bernanke brouhaha.

Ryan's right. Bernanke (who inherited most of his problems from "Easy Al" Greenspan anyway) cannot both preserve the dollar's value (thus 'price-stability') AND 'promote economic growth.'

Maintaining the value of the USD is paramount, not only for the sake of US citizens who buy gasoline, but for citizens of OTHER countries which rely on the USD for trade.

4 comments:

Matt Korger said...

I'm liking this guy more and more

J. Strupp said...

"Bernanke (who inherited most of his problems from "Easy Al" Greenspan anyway) cannot both preserve the dollar's value (thus 'price-stability') AND 'promote economic growth.'"

Except for the fact that the Fed. is, in fact, preserving price stability and promoting economic growth right now and has been during this whole episode.

Belive it or not, this country hasn't pursued a strong dollar policy in years.

Dad29 said...

So, Struppster......

You're telling me that the period between ~2000-~2007 was "economic growth"?

You a Bush fan now?

And, by the way, what is the inflation-adjusted value of the USD since Greenspan took the helm??

Jeremy R. Shown said...

The European Central Bank's only mission is price stability.

Instead of Europeanizing our healthcare system, maybe we should start with our central bank.