Federal Reserve Board Chairman Ben Bernanke gave testimony yesterday on the economy before a Senate committee, and emphasized the urgency of the government spending money to stimulate the economy in the short term, to make up for lack of private spending!
The issue of the deficit, Bernanke said, must be dealt with, as it is a threat to our long term economy, but right now the emphasis has to be on promoting economic growth, or else there is a danger of a further downturn in the economy!
Considering that Bernanke was appointed by President George W. Bush, and is seen as a conservative, this is advice that should be taken seriously by Congress and the Obama Administration!
Better to work to expand the economy, than to follow the lead of Franklin D. Roosevelt in 1937, who listened to conservatives who complained about government spending, cut the spending, and helped, therefore, to cause the Recession of 1937-1938! President Obama and the Democrats MUST take action to promote economic growth, no matter what conservatives and Republicans say!