By Jennifer Rubin
The left loves to talk about the top 1 percent and the growing inequality in the United States. We can debate its causes and how serious an issue that is, but that is what the left concerns itself with. Except with an election looming.
A third round of quantitative easing, which was announced on Thursday, is a recipe to boost the stock market (with bond yields so low where else can the investment dollars go?) but not do much of anything for the “little guy,” who could benefit from some decent fiscal policy.
The Wall Street Journal editorial board explains:
So much for fears that the Federal Reserve might disappoint Wall Street. Chairman Ben Bernanke and his music men at the Fed’s Open Market Committee put on their party hats Thursday and unleashed an unlimited program of monetary easing. The move exceeded even Wall Street’s expectations, but whether it will help the real economy in the long term is doubtful.
So we have a situation where the stock market takes off, the investor class gets richer and we have 43 months of more than 8 percent unemployment and a diminution in median household wealth to 1995 levels. Isn’t this the sort of class divide the president rails against?
It is remarkable, really, that Democrats defend the Obama economy by pointing to the rise in the stock market since the president took office. The Dow Jones was at 8,279.63 when Barack Obama took office. It’s now over 13,500, boast the Democrats. Swell, the Wall Street crowd rakes it in and the rest of the country is setting records for unemployment, poverty and food-stamp use. Imagine if the Republicans made such an argument. If a Republican were in office, the left would holler that this is a jobless recovery.