Meanwhile, the little people Obama claims to care about pay the price!
On Wednesday Obama continued the attack on Republicans he started two days earlier in the midst of the Navy Yard shooting. This time he referred to " extreme Republicans in Congress" who are "playing reckless political games with our economy." Calling GOP representatives names. That's always a great way to encourage them to work with the president!
On the same day Obama is making another vicious partisan attack on Republicans, the Federal Reserve announces that it intends to continue the policy of quantitative easing in which money is printed (actually just made up) to buy bonds and prop up the stock market. Predictably the stock market soared to record highs. That's great news for millionaires and billionaires. The very same group of people who have grown richer under Obama economic policy while the Middle Class and poor lose ground.
It's no wonder that the income gap between rich and poor is the biggest in one hundred years.
Not only are the Middle Class and poor not benefiting from stock market gains, but monetary policy under Obama means what little money people in these groups have is worth less. The Federal Reserve is boosting the market aftificially. But doing so has consequences. The value of the dollar is tumbling and that effects a range of goods like the price of oil. Millionaires and billionaires will get their stock market gains but the rest of use will pay more at the gas pump.
The price of food, clothing and other essentials will also continue to rise. Any savings will be worth less. That's the true cost of this monetary policy and it impacts the poor and Middle Class the hardest.
So, next time Obama claims "extreme Republicans" are "playing reckless political games with our economy" take a look at your dwindling savings, high gas and food prices and remember that it's not the Republicans who are destroying the value of your hard earned dollar!
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