"Bernanke: Anti-Stimulus Govs are Hurting the Economy"
Let’s take a moment to recall that Ben Bernanke was appointed to his current position by George W. Bush. He’s not, in other words, a left-wing ideologue hell-bent on Europeanizing the United States. Or whatever. And listen to him about the impact of the stimulus-rejecting governors:
BERNANKE: If unemployment benefits are not distributed to the unemployed, then they won’t spend them and it won’t have that particular element of stimulus.
SEN. JACK REED (D-RI): So if this was done on a wide basis, it would be counterproductive, not productive?
BERNANKE: It would reduce the stimulus effect of the package, yes.
This grandstanding is bad for America. Bad only in a small way, it’s true, because thankfully the amount of money being postured over is pretty small. But still bad. Meanwhile, Chuck Schumer’s office has a statement out that’s all over the intertubes indicating that the stimulus is not an à la carte menu, and governors need to either accept or reject the whole thing.