Congressman Andy Barr says 54 consecutive weeks of unemployment over seven and a half percent and five straight years of declining wages have convinced him there are serious flaws in the nation’s fiscal policy. The Lexington Republican made the observation Wednesday to Federal Reserve Board Chairman Ben Bernacke during a hearing in Washington.
Even though the Fed has kept interest rates near zero for the past four years, Barr says three-quarters of the country is still living paycheck to paycheck…
"Given the persistent high unemployment, it seems to me that American families who are struggling, many of whom are in my district in eastern Kentucky...I think they justifiably have to ask themselves, given the expansionary policy that you have pursued, quite aggressively to your credit, there's got to be a fiscal policy problem here." - Congressman Andy Barr
Barr offered his comments at a meeting of the House Financial Services Committee, where Bernacke was delivering his semi-annual report on monetary policy.