QE3, 8.1% Unemployment, $16 Trillion in Debt: What the Heck is Going On?
It’s official. The Federal Reserve is officially out of its collective mind.
Here is a reminder for everyone: QE1 cost $1.7 trillion, QE2 cost $.5 trillion, and now QE3 has an open-ended price tag. That’s right, I said open ended. In a bizarre move, the Fed did not put a price tag or a timeline on this new round of spending.
Does anyone know what this is doing to America’s debt burden? Does anyone care anymore?
To me, this is a classic case of government thinking it has all the answers to life’s problems. Got high unemployment? Let’s go into debt to try and stimulate the economy.
How about this for a change? Stop spending so much money on frivolous, wasteful projects and entitlements and start reducing the tax and regulatory burdens placed on companies and citizens?
Wow, it’s just mind-boggling to me how ridiculous the leaders of this country have become. In an era of government knows best, the real joke is on “we the people” who have allowed our government to get away with these shenanigans.
What does this mean for you? A weaker dollar, higher prices, and some short-term gains in the stock market.