The Federal Reserve is out of tricks. It has tried juicing the economy by keeping interest rates next to zero, by printing money....and nothing seems to help jolt the economy back to life. So much like the Wizard of Oz who pulled made up awards out of his bag to make the Cowardly Lion, Scarecrow and Tin Man feel better, Fed Chair Ben Bernanke wants to make us feel better
about living in a nation in decline. "We should seek better and more-direct measurements of economic well-being," Bernanke said Monday. "As your parents always said, money doesn't buy happiness," he intoned. So how does Big Ben define the "h"-word? See if you can figure this out: a "short-term state of awareness that depends on a person's perceptions of one's immediate reality, as well as on immediate external circumstances and outcomes." He has been floating this "happiness economics" tripe for a few years. To me, it represents yet another attempt by those sympathetic to Obama to lower economic expectations. In other words, don't worry about the fact that real unemployment is around 15 percent or the fact that 45 percent of the country pays no federal taxes! Just be happy. Oh, and vote Obama-Biden 2012.