The Obama Boom is breaking all economic records. It’s the first time rising oil prices don’t put a dent on economic activity. So powerful is this boom that the Federal Reserve is convinced it is getting stronger!
The Federal Reserve is increasingly confident in the economy and about to end a $600 billion program to support it. Now for the next step — figuring out how to keep inflation from taking off.
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Since late last year, the Fed has bought government bonds to keep interest rates low. Fed Chairman Ben Bernanke and his colleagues are expected to signal this week that they will allow the program to expire as scheduled in June.
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Bernanke has predicted that the jump in oil and food prices will cause only a brief, modest increase in consumer inflation. Excluding those prices, which tend to fluctuate sharply, inflation is still low, he has argued.
I have never seen in my life the media cheerleading the economy. We have stagflation and they claim we’re in a boom. It’s the Obama Boom!
