The Federal Reserve, reacting to sputtering job numbers, has cut back on its growth projections for the economy. The nation’s central bank is extending its Operation Twist program and plans to pump $267 billion into the long-term bond market in an effort to lower interest rates, which are already at rock-bottom levels. (As the famous saying goes, “a billion here and a billion there, and soon you’re talking about real money!”)
By giving up on any noticeable improvement in employment for 2012, the Fed’s action will no doubt intensify debate on the most important issue of the upcoming presidential campaign: jobs, jobs, jobs.
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