Bernanke says happiness is an important factor in economics … since you have no job you have no money, but you can still be happy. If that isn’t stupid for a fed chairman to say, then you deserve the duck …
Did you know this? When monetary policy fai;ls, which it always does, spending the USA into debt oblivion is not going to work … let’s give the old happiness factor as our judge. Not economic, no that;s old …. And won’t work for the failed economics of Obama … Isn’t that the problem?
How do unions affect your happiness factor??
Ben Bernanke wants to know if you are happy…
The Federal Reserve chairman said Monday that gauging happiness can be as important for measuring economic progress as determining whether inflation is low or unemployment high. Economics isn’t just about money and material benefits, Bernanke said. It is also about understanding and promoting “the enhancement of well-being.”
Bernanke and Fed policymakers rely on reports on hiring, consumer spending and other economic data when making high-stakes decisions about the $15 trillion U.S. economy. The Fed’s dual mandate is to maintain low inflation and full employment.
“We should seek better and more-direct measurements of economic well-being,” Bernanke said Monday in a video taped speech shown to a conference of economists and statisticians in Cambridge, Mass. After all, promoting well-being is “the ultimate objective of our policy decisions.”
Bernanke acknowledged that many people aren’t too happy right now. Unemployment rose in July to 8.3 percent, and economic growth has slowed sharply from the start of the year. He called the recovery “frustratingly slow” when he testified to Congress on July 17.
Still, Bernanke says aggregate statistics can mask important information about how individual Americans are faring.
Manage the decline in America … The fed wants to manage the decline. Reelect Obama is their main goal.
The Federal Reserve is out of tricks. It has tried juicing the economy by keeping interest rates next to zero, by printing money….and nothing seems to help jolt the economy back to life.
So much like the Wizard of Oz who pulled made up awards out of his bag to make the Cowardly Lion, Scarecrow and Tin Man feel better, Fed Chair Ben Bernanke wants to make us feel better about living in a nation in decline.
“We should seek better and more-direct measurements of economic well-being,” Bernanke said Monday. “As your parents always said, money doesn’t buy happiness,” he intoned. So how does Big Ben define the “h”-word? See if you can figure this out: a “short-term state of awareness that depends on a person’s perceptions of one’s immediate reality, as well as on immediate external circumstances and outcomes.”
He has been floating this “happiness economics” tripe for a few years. To me, it represents yet another attempt by those sympathetic to Obama to lower economic expectations. In other words, don’t worry about the fact that real unemployment is around 15 percent(U-6) or the fact that 45 percent of the country pays no federal taxes! Just be happy.
Should we tell him? Why not, printing money does nothing except inflate the currency. I guess that is what the Fed role has been all along. Maybe Ron Paul is onto something here.
Oh, and vote Obama-Biden 2012.
You see if we can Obama our happiness goes up. Got that???? So vote for anybody but the communist. And our nation in decline will not be following Obama father’s anti-Colonialist dreams.
America will be back …
Let me see, I wonder what the media would do to Bush if he delivered this drivel to America. My guess is Indonesians and Kenyans are happy walking around in the mud. Most Americans have far greater aspirations.