Rep. Paul Ryan (R-Wis.) said the Federal Reserve’s latest policy shift amounts to a “bailout” of the economy under President Obama.
Speaking at a campaign event in Oldsmar, Fla., Mitt Romney’s vice presidential candidate lambasted the Fed’s recent decision to try and do more to boost the economy as “sugar high economics.”
“We don’t need synthetic money creation. We need economic growth. We want wealth creation,” he said. “We don’t want to print money. We want opportunity and growth.”
On Thursday, the Fed announced it was embarking on a third round of “quantitative easing,” in which it would buy up $40 billion of bonds every month. But in a new move, the Fed said this time it would be continuing the purchases until it was satisfied with the rate of growth in the labor market — the past two rounds of easing were set at a specific volume of purchases. The Fed also said it expected to keep interest rates near zero until mid-2015 (it had previously predicted rates would stay low until the end of 2014), and that it was willing to do more if it found it necessary.
The Romney-Ryan ticket, along with congressional Republicans, were fiercely critical of the move when it was announced, and used its existence as proof that the president’s attempts to turn around the economy have failed.
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