Mr. BERNANKE: Tendering the adoption of new technologies or inhibiting trade flows would do far more harm than good, as technology and trade are critical sources of overall economic growth and in increases inthestandard of living.
Squeezing down current consumption and encouraging maximum saving and investment produces a higher growth rate and higher standard of living some time inthe future.
This is why there is zero reason that our economy should not currently be enjoying thestandard of living we enjoyed in May of 2007, when growth was high and unemployment was low.