The New York Times has launched its trial balloon for the Federal Reserve to begin yet another round of so-called “quantitative easing” to, it thinks, help the economy. In its May 30 editorial, “The Numbers Are Grim,” the Times calls for the Fed to, among other things, “be prepared to continue measures to bolster the economy as needed, even if that means looser policy for longer than it originally planned.”
It may not be long before the wonks over at the Fed come to the same conclusion, under pressure from the Obama Administration and its allies at the Times. So far, the central bank has said it is not considering such a move, but that could change if the bad economic data continues to come in, with growth at a dismal 1.8 percent in the first quarter.
The Times also calls for unemployment welfare to be extended yet again, for an easing of rules for refinancing, “bolstered foreclosure relief and more fiscal aid to states,” job “retraining,” and even tax increases to, it says, “help cover needed spending.” You know, all of the stuff government has already been doing without any success to facilitate this so-called “recovery”.
Times columnist Paul Krugman too jumps into the fray for his part. He wants “W.P.A.-type programs putting the unemployed to work doing useful things like repairing roads… a serious program of mortgage modification, reducing the debts of troubled homeowners… [and] [w]e could try to get inflation back up to the 4 percent rate”.
Basically, the Left wants more of the same — more “stimulus”—which has already failed. We know that because of the 4.2 percent decline in home values in the first quarter as measured by the S&P/Case Shiller home price index.
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