Monday, January 06, 2014

Rubio Votes Against Janet Yellen

Sen. Marco Rubio gives an absolutely nonsensical reason for voting against the confirmation of Janet Yellen as the Federal Reserve chair.

“While Dr. Yellen is an accomplished individual, I will be voting against her nomination to chair the Fed because of her role as a lead architect in authoring monetary policies that threaten the short and long-term prospects of strong economic growth and job creation. Altogether, she has championed policies that have diminished people’s purchasing power by weakening the dollar, made long-term savings less attractive by diminishing returns on this important behavior, and put the U.S. economy at increased risk of higher inflation and another future boom-bust."

There is no immediate risk of inflation. If Rubio knew anything about economics or didn't have contempt for the intelligence of his constituents then he wouldn't babble such nonsense. Inflation is caused by the increase of the price of goods. According to the U.S. Bureau of Labor Statistics numbers, inflation has actually been going down since the January of 2012. There has been no major threat of 70s level inflation during the Bush or Obama years. There certainly wasn't high levels of inflation during the Clinton years.

Where does Rubio get his information that Yellen's monitory policies have put the U.S. at risk of inflation. Does Rubio even know that there is always some level of inflation. Prices of goods always increase. Rubio voted against the first woman Federal Reserve chair over a made up issue.

Even Rubio admits Yellen's resume is impressive. Wall Street preferred Yellen over Lawrence Summers. Wall Street likes quantitative easing.

This isn't about inflation, Yellen's credentials or Wall Street. The only logical reason Rubio voted against Yellen is she is an Obama nominee.

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