Congressional Republican leaders have reportedly asked Federal Reserve Chairman Ben Bernanke to refrain from any further monetary stimulus during policy makers' two-day meeting this week. Specifically, they asked in a letter to Mr. Bernanke that the Federal Reserve "resist further extraordinary interventions in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people."
I applaud these Republican leaders for setting a measurable standard for success regarding any future monetary action that would impact the future of the economy. Now I ask that they apply the same standard to their fiscal proposals in justifying that extending the Bush era tax cuts will somehow now bring about the economic growth that has been missing for all these years that they have been in place.
These are the facts that Americans of all political persuasions are keenly aware of:
•The poverty rate is at a historically high level
•Consumers, who drive the economy, are being attacked from every perceivable angle (unemployment, stagnant wages, pending entitlement cuts to Medicare and Medicaid, and reduced pensions)
•Corporations are posting record earnings and are sitting on historic levels of cash in the trillions of dollars, and are still not hiring
This leads to the simple conclusion that money and opportunity need to be funneled toward the people, or potential consumers who actually drive the economy, not just to the wallets of big business and the super rich who now account for the largest income disparity recorded in this country's history.
Congress and the Republican leadership in particular need to get serious about putting together sound fiscal proposals supported by the same standards and data they hold the Federal Reserve to. The reality is that the average American is not benefiting from the corporate tax cuts and loopholes that have been in place for years. People are asking why they should be sacrificing when corporations and the wealthiest of Americans have been thriving under the current system. We are all in this together.
Sean Carey, CrownsvilleCopyright © 2015, Los Angeles Times