There is something about additional quantitative easing that misses the point. The last thing this country needs is lower interest rates, short or long. The problem with the economy is not too high borrowing costs; it’s fear about the future. The way to address that is to focus on the future, not on the present: Draw a line in the sand and terminate past messes rather than prolonging them. And then do something that gives people confidence about the future of the economy. Lowering current rates to zero does NOT make people feel good about the future. Cutting spending and future obligations, counterintuitively, is more likely to do that.
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