Without QE many people's retirement saving would have been wiped out, along with jobs.
You would have a period of large scale joblessness and homelessness.
In early part of this decade Ben Bernanke said that he would continue QE until unemployment rate dropped below 6.5% or inflation rose above 2%.
I agree that the easiest solution would have been a jobs guarantee or better yet print money and send everybody a cheque.
But that would have been outside the Fed's mandate.
It's not clear how the situation resolves, currently inflation is low and joblessness is also low ; so the fed seem to have done their job.
The questions you raise can only be solved through a political process, not monetary policy.
Without QE many people's retirement saving would have been wiped out, along with jobs.
You would have a period of large scale joblessness and homelessness.
In early part of this decade Ben Bernanke said that he would continue QE until unemployment rate dropped below 6.5% or inflation rose above 2%.
I agree that the easiest solution would have been a jobs guarantee or better yet print money and send everybody a cheque.
But that would have been outside the Fed's mandate.
It's not clear how the situation resolves, currently inflation is low and joblessness is also low ; so the fed seem to have done their job.
The questions you raise can only be solved through a political process, not monetary policy.