Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Bernanke Says Economy Still Needs Stimulus Funding

July 28, 2010 by  

Bernanke Says Economy Still Needs Stimulus FundingFederal Reserve Chairman Ben Bernanke indicated last week that the frail United States economy will continue to need Federal stimulus spending to fully recover from the 2008 recession.

While testifying before the House Financial Services Committee and the Senate Banking Committee, Bernanke suggested that President Obama and Congress could bolster the weakened economy by extending the tax cuts passed by the previous administration, according to Bloomberg Business Week.

"In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy," said Bernanke. "There are many ways to do that. This is one way."

However, just a few hours before the Fed chairman made his remarks, U.S. Treasury Secretary Timothy Geithner said that the Obama administration has no plans on extending the tax cuts to families that make more than $250,000 annually, Business Insider reports.

Meanwhile, Bernanke was much less bullish on the economy than he was during his last testimony back in February, noting that it will take "a significant amount of time" to restore the near 10 million jobs lost during the last two years.

"One factor underlying the committee’s somewhat weaker outlook is that financial conditions—though much improved since the depth of the financial crisis—have become less supportive of economic growth in recent months," he said.

Bernanke also defended the financial overhaul bill recently passed by Congress, calling the measure an "important step" toward closing the gaps in Wall Street’s regulatory system.
ADNFCR-1961-ID-19904569-ADNFCR

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Facebook Conversations

Join the Discussion:
View Comments to “Bernanke Says Economy Still Needs Stimulus Funding”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.