The Fed’s Track Record: $390K Spent Per Job Created
Graham Summers / Phoenix Capital Research / Gold Seek
The Fed likes to claim that its policies are aimed at helping Main Street. Ben Bernanke began this argument when he was still Fed Chairman. Janet Yellen has since taken it a step further claiming that she comes from an “intellectual tradition” that it is important to use “public policy” to “make the world a better place.”
Anyone who’s spent even two minutes reflecting on the state of affairs in the last five years knows this is bunk. However, for the sake of the argument, let’s take the Fed at its word: that it does indeed care about Main Street.
If this is indeed true, then the Fed’s efforts have been an abysmal failure. The Fed’s balance sheet has expanded over $2.4 trillion since the Great Recession allegedly ended.
For the sake of argument, let’s assume that ALL of the money involved in the Fed’s balance sheet expansion during this period went towards creating jobs in the US economy.
Indeed, let’s take it a step further and say that the Fed is directly responsible for every single job created since June 2009 when it continued printing money by the billions to help the “recovery.”
We realize that we’re ignoring population growth, folks who dropped out of the jobs market, and a slew of other factors in this analysis. But the point of this exercise is to grant any and all issues in favor of the Fed.
The reason we’re doing this is because the results are terrible enough even under circumstances in which every issue is decided in the Fed’s favor. One can only imagine how awful the results would look if one were to include these other issues which would raise the amount of money spent per job created.
Having said that, consider the following…
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