March 9, 2012
The continued slow improvement in U.S. unemployment revealed in monthly data Friday "is a temporary reprieve" in an economic system that would be changed if he is elected president, Rep. Ron Paul told CNBC.
"I see these as blips," said the Texas Republican of data showing 227,000 jobs were added in February, while the unemployment rate remained at 8.3 percent. "You know, Wall Street got excited, and they're excited right now because the stock market's back up to 13,000. Well, in April 2007 it was 13,000."
So Wall Street is doing just fine in trading, but "what about the person who wants to save and take care of their future? There’s no incentive there," Paul said.
The longtime congressman said he's asked U.S. Federal Reserve Chairman Ben Bernanke and his predecessor, Alan Greenspan, this question constantly: "Why make the elderly suffer? They say that’s the price they have to pay. We have to look at the big picture of seeing how we stimulate the financial markets," Paul said.
"The only thing they know is inflating the economy and it's further distortion," he said of the Fed. "I wish this [jobs report] was economic growth, but I just don’t believe it."