Our Senior Fellow Scott Powell writes the lead letter in today's Wall Street Journal on the huge new bubble that the Fed is giving us--and our futures. "Low Rates and the Slow Economy" describes the present miasma pretty well.
Scott spoke to the Discovery Board yesterday and will be addressing an audience at the Institute offices in Seattle next Tuesday (the 12th of February at 6 p.m. To attend, call Anna Salick, (206) 292-0401, extension 102.)
When you put this issue in terms people can understand (as Republicans did not do last fall and are not doing even today), it's a message that touches all age groups. Young people can't get jobs. Forget telling them that they will be burdened with debt in their old age--what they actually experience is the bum job market. The 30 year olds can't get promotions and 65 year olds aren't retiring because they know the returns on their savings are insufficient to support them in old age. The problems of Obamanomics and the Fed, therefore, are not an abstraction, they already are biting right now.