WASHINGTON, DC–In a widely anticipated move, the Federal Reserve decided on Wednesday to keep short-term interest rates steady, and announced a start date for its plan to burn $10 billion per month in an “epic” bonfire.
The bonfire program represents the other side of the extraordinary monetary policy measures the Fed implemented in the wake of the Great Recession. Those measures included the creation of trillions of dollars in new money, which were then spent primarily on US Treasury Bonds and mortgage-backed securities, with the goal of lowering long-term interest rates and increasing economic activity.
Although economic growth never recovered to historically normal rates, interest rates did plummet as intended and have stayed consistently low. Now the Fed has determined the policies were successful enough, and is starting to unwind the initial money creation. This led to the tricky question of how to dispose of all the money they printed.
WASHINGTON, DC–Saying that the last days are always the hardest to watch, a group of activists and lawmakers on Capitol Hill this week argued that the GOP Obamacare repeal effort should be allowed to die with dignity.*
“There are good days and bad days,” Senator Rand Paul explained, “but deep down, we’ve all known the patient is terminal.”
MIAMI–Speaking to reporters on a cell phone from the hood of his SUV while flood waters closed in around him, local resident Phil Stewart said he was grateful to the Attorney General for cracking down on would-be price gouging by gas stations.*
TEXAS–The flood waters and storm clouds of Hurricane Harvey are beginning to recede, but residents in the small town of Fiscal Conservatism say things will never be the same again.*
Surveying the damage after President Trump quickly agreed to a nominal 3-month debt ceiling extension with the Democratic leadership to ensure federal spending on Harvey relief, resident Rand Paul (R-KY) told The Daily Face Palm, “I don’t think we can recover from this.”
WASHINGTON, DC–Saying that the black-clad activist group has now become a significant threat to Americans’ liberty, property, and ground-floor windows, the FBI has officially decided to label the “Antifa” group “Domestic Keynesians”.*
The FBI noted that this is one of the highest threat designations they have for individual groups, roughly equivalent to the sunburst orange threat level for the country at large.
Though small in number, the anti-fascist groups are known for punching above their weight with high-profile counterprotests. They’re also known for punching.
Among economists, the minimum wage is a contentious issue. The two sides of the debate fall largely along ideological lines, and both camps can point to arguments and studies that seem to support their position.*
For the past few years, the debate looked intractable.