An article in yesterday's WSJ, Fed Board Reflects Obama's Influence, (paywall) reminds us that President Obama has appointed six of the seven Federal Reserve Board members, including the reappointment of Ben Bernanke. And it's common knowledge that the Fed's easy money policy is consistent with Obama's own policy ideas.
A few years ago the Fed's primary function was to prevent inflation. They are still supposed to keep the economy humming making it a delicate balance at times. However, today's dismal jobs report will keep them firmly in the camp of easy money. But with the Fed Funds rate already very low the only other likely move will be another round of bond buying.
Eventually shoppers will feel confident, job holders will feel secure, and job seekers will find jobs. But it won't be because of the Fed. It will be because the biggest impediment to a good economy, President Obama, will be out of office, and the leftist goal of from each according to his ability and to each according to his needs will have been debunked for another generation.
The economy will snap out of it, capacity will become strained, and inflation will come roaring back. Then the Fed will take away the punch bowl, and everyone will blame the next president.