Fed codeword for multiplier less than one

Fed’s Fisher Slams Congress Over Fiscal Policy, WSJ

Speaking at a luncheon hosted by financial-industry trade group the Dallas Estate Planning Council at the Dallas Country Club, Mr. Fisher said the central bank has done all it can to stimulate the U.S. economy. He said members of Congress–both Republicans and Democrats–have failed to do their part. Elected officials have “sold our children–and our grandchildren–down the river,” Mr. Fisher said. “We haven’t had a budget for five years; no one knows what their taxes are going to be; no one knows what spending is going to be.” The Dallas Fed president has long maintained that the missing ingredient in the economic recovery is a sound fiscal policy. He argues that deadlock in Washington over a budget plan has created a “fog” of uncertainty. Poor visibility makes it difficult for business owners to plan expansion and hiring, Mr. Fisher noted. Responding to a question from the audience, Mr. Fisher said “Obamacare” health-care reform is currently a “weight” on the outlook for corporate growth.

Obamacare already has a multiplier less than one? That means the Undemocratic party has gotten California into years of stumbling and fumbling, eventually leading to bankruptcy.