On the recordJuly 16, 2012
I think the choice is between spending and taxes, and the mix and the kinds of taxes and so on, I think that is really a congressional responsibility.
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congress.govI think the choice is between spending and taxes, and the mix and the kinds of taxes and so on, I think that is really a congressional responsibility.
Bernanke emphasizes that Congress must decide on spending and tax policies.
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As I have said many times, I think that fiscal policy is focusing a bit too much on the short run, and not enough on the long run.
Our mission as set forth by the Congress is a critical one: to preserve price stability; to foster maximum sustainable growth in output and employment; and to promote a stable and efficient financial system that serves all Americans well…
I would argue that it is not responsible to focus all of the restraint on the very near term and do nothing about the long term.