The Federal Reserve’s announcement that it will purchase long-term Treasury securities is a welcome acknowledgment that the economy needs more help, but this new Fed action won’t by itself provide the job-growth the economy needs. Most importantly, the Fed’s announcement should serve as a wake-up call to policymakers that there is no more time to waste: They must focus on job-creation.
Congress should follow the Fed’s lead and provide this needed support, starting with an extension to unemployment benefits that are set to expire at the end of this month. –Josh Bivens