Graph taken from a post on Brad DeLong's blog
Yep... interest rates have shot to the moon, it now takes wheelbarrows of dollars to buy a single loaf of bread. No wonder the Tea Party is on the war path with their hatchets out. America has gone to the dogs under that "socialist" Obama.
Oh... wait a second... that graph from the St. Louis Federal Reserve shows that the interest rate is flat-lined except for the "oh no, we are all going to die!" moment in late 2008.
But this is the hard evidence used by the Tea Party to attack the Democrats, demand austerity by slashing budgets, and putting the economy in a deep freeze. Instead of following normal Keynesian economic policy and using public expenditures to backfill for the missing private expenditures while the private side of the economy tries to repair its balance sheets after the credit crisis, the right wing nuts have declared war on reason and fact and see inflation everywhere and socialists under every bed. It is just like the early 1950s when this same crazy right wing group saw Commies everywhere and swore that Truman's government was filled with Commies and that even good old Ike, President Eisenhower, was himself a Commie!
And this is the group that is rampant in the US. No wonder the economy in the US has just headed over a cliff and is in freefall. With nuts like that just one year away from a sweep in the elections, Americans can look forward to setting up the world's biggest BANANA REPUBLIC.
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