Ben Bernanke, Allyson Schwartz, and the House Budget Hearing

A few notes on this morning's House Budget Committee hearing on the economy and possible measures Congress may take. Federal Reserve Chairman Ben Bernanke testified before the committee.

For the national take, see "Momentum building for new economy-boosting package," by the AP's Jennine Aversa.

For the local angle, Congresswoman Allyson Schwartz, the only Pennsylvania representative on the committee, held a conference call today to discuss her views on it. I am paraphrasing but this was her gist.

Chairman Bernanke was very clear about the importance of the action Congress took to stabilize the market; it was extremely important to avert a serious crash of the market. The stimulus package a year and a half ago for the economy was good but we need to do more. Creating and supporting new jobs and new businesses would take action by the federal government as well. Congresswoman Schwartz asked Bernanke whether it was important for us to make new investments for new jobs, for example a short term stimulus particularly in providing dollars to our states and localities for roads, bridges, and schools. He said yes especially if it happened quickly. In the long term he felt it was also important for us to make investments in new jobs, new technologies, but did not get into specifics. Clearly we aren't getting out of this troubled economy quickly.

A blast email I received today on the same hearing mentioned that 14 Democrats and 4 Republicans attended. There are 22 Democrats and 17 Republicans on the House Budget Committee. Guess some people had better things to do.