Schumer: If Only Congress Had Spent More We Wouldn’t Need QE

Federal Reserve Chair Jenet Yellen appeared before the Senate Banking Committee and Senator Chuck Schumer used it as another opportunity to grandstand for the camera. Basically, he said that if Republicans in Congress had allowed his party to spend more money we wouldn’t need quantitative easing. Those weren’t his exact words, but that’s what he meant.

“I know some of the colleagues on my side of the aisle express amazement — some of the very same senators and congress members who blocked all further needed investments in infrastructure and other things that used to have broad bipartisan support complain that the Fed is doing too much to help the economy, and it’s sort of incredulous to me. You don’t have to comment on that. But what do they expect you to do, just stand here and let the economy get even worse? Let job growth continue to slow? Fiscal is preferred, but it’s not available because people blocked it.”

He seems to forget that his party controlled both houses of Congress during the time period he mentioned. They’re the ones who spent nearly a trillion dollars on stimulus that failed to stimulate anything but their crony friends. It was an epic failure, so we should all be grateful that they didn’t spend more.

Via Grabien