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August 31st, 2012
07:43 PM ET

Fed Chairman Ben Bernanke defends stimulus that cost $1 Million per job

Fed Chairman Ben Bernanke made his case Friday for the federal government to take more action to stimulate stronger economic growth. He also gave a hint that the Federal Reserve may provide additional stimulus.

"The Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability," said Bernanke in Jackson Hole, Wyoming.

Mitt Romney, the Republican presidential nominee has said in the past that he would replace Bernanke in a Romney-Ryan administration. What kind of impact can the actions of the fed chairman have on the 2012 presidential election? CNN's Erin Burnett reports.

Can Bernanke's actions help Obama?

OutFront tonight: Stephen Moore of Wall Street Journal and Laura Tyson of Center for American Progress.

Bernanke paves the way for more stimulus

Federal Reserve Chairman Ben Bernanke made his strongest case yet for more easing, during a high-profile speech in Jackson Hole, Wyo., Friday.

Bernanke staunchly defended the Federal Reserve's two previous rounds of large asset purchases, saying they drove stocks higher, improved financial markets and created more than 2 million jobs. He also refuted several potential risks associated with those policies and talked up their benefits.

"The odds are strong that the Fed's asset purchases will make money for the taxpayers, reducing the federal deficit and debt," Bernanke said. "And, of course, to the extent that monetary policy helps strengthen the economy and raise incomes, the benefits for the U.S. fiscal position would be substantial."

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Filed under: 2012 Election • Economy • Federal Reserve • News • Politics
soundoff (2 Responses)
  1. matt a

    Events won't change drastically in two months. Bucolic? Big words.. After the crash, throngs may descend on Jackson
    Hole. Would make a nice backyard if government would sell some of it's Wyoming holdings.

    September 3, 2012 at 7:49 pm | Reply
  2. Joey at Purdue Univ

    I don't know if this is relevant or not, but do the 1.95 mil jobs take into account jobs cuts that may have been prevented by the stimulus?

    August 31, 2012 at 10:35 pm | Reply

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