Quote of the Day: Bernanke on Spending Folly

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From Ben Bernanke, speaking at the International Monetary Conference in Atlanta today:

If the nation is to have a healthy economic future, policymakers urgently need to put the federal government’s finances on a sustainable trajectory. But, on the other hand, a sharp fiscal consolidation focused on the very near term could be self-defeating if it were to undercut the still-fragile recovery….By taking decisions today that lead to fiscal consolidation over a longer horizon, policymakers can avoid a sudden fiscal contraction that could put the recovery at risk.

Translation: Don’t cut federal spending, idiots. Cut it in the future.

Further translation: The economy is fragile, but we at the Fed aren’t going to do anything about it. And I guess Congress isn’t going to do anything about it either. But for God’s sake, at least limit yourselves to doing nothing. Actively slashing spending is almost too stupid to bear thinking about.

Alan Greenspan and Ben Bernanke, the conservative Republicans who have run the Fed for the past 24 years, have now both gone on record telling their fellow conservative Republicans to back away from the cliff and stop being idiots. It’s a sign of what’s happened to the GOP that these warnings have had no visible effect other than to make them apostates to be maligned in stump speeches.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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