Article Review 3: David Stockman's Contra Corner

     This week’s article is once again a piece written by David Stockman. This article is focused on the false claims of the Federal Reserve and the current state of what he believes to be the global recession. It’s quite clear that Stockman, as always, heavily opposes the Federal Reserve and their handling of the U.S economy. He believes that the United States and other world economies are headed towards a recession due to a variety of different factors. Some factors of many include low interest rates, the excessive money printing that the Federal Reserve is officiating, etc. He attacks claims made by The Fed and Ben Bernanke, a former Federal Reserve representative. 

     Their claims try to prove evidence of a rising economic situation but the statements fail to account for how the economy was before the recession. For example, Bernanke boasts that the job situation in the U.S has faced mass improvement as measured by the unemployment rate. However, Stockman argues that every job gained was not a “new” job, it was a “born-again” job. Thus, the Federal Reserve actually has done next to nothing to improve the state of jobs and the unemployment rate. Stockman also points out that the claim that there is a higher growth rate in the U.S than Europe due to the Federal Reserve’s tactics is false. They purposefully skewed evidence in their favor by picking the right time intervals. As always, David Stockman’s stance on the issues are clear as he takes on the pessimistic perspective towards the current economy and for good reason.