“Top-down economics doesn’t work,” President Obama told an adoring crowd this September in Virginia Beach. “We don’t need to double down on the same trickle-down policies that got us into this mess in the first place,” he continued.
Fighting income inequality has been the “driving force” of Obama’s entire tenure as president, the Washington Post’s Zachary Goldfarb tells us. It certainly explains why Obama is willing to risk sending the U.S. economy into a second recession in order to obtain a $1.6 trillion tax hike on the richest 2 percent of Americans.
But if redistributing wealth from rich to poor is such a high priority for Obama and the progressive movement, one wonders why they have been so supportive of Federal Reserve Chairman Ben Bernanke.
This week, Bernanke announced that the Fed would literally double down on its existing efforts to decrease unemployment by creating money out of thin air. Since September of this year, the Fed has been buying $40 billion worth of mortgage-backed securities from financial institutions. On Wednesday, Bernanke said he would increase his purchases to $85 billion a month and would continuing this buying spree until unemployment reached 6.5 percent.