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Ben Bernanke’s profile has been a little bit lower since Barack Obama took office, but today he testified before Congress and backed Obama’s aggressive spending plans:

U.S. Federal Reserve Chairman Ben Bernanke on Tuesday appeared to back the White House’s efforts to stimulate the economy, saying aggressive action is needed now to avoid an economic calamity even as it adds trillions of dollars in new government debt.

….”By supporting public and private spending, the fiscal package should provide a boost to demand and production over the next two years as well as mitigate the overall loss of employment and income that would otherwise occur,” Mr. Bernanke said in prepared testimony to the Senate Budget Committee.

Basically, Bernanke had nothing good to say about our current mess.  Things are bad and getting worse.  Interestingly, however, he did have one slightly encouraging thing to say about the long-term deficit: he thinks it will be mitigated somewhat when we start selling off all the toxic waste that we’re buying up right now. “If all goes well,” he said, “the disposition of assets acquired by the Treasury in the process of stabilization will be a source of added revenue for the Treasury in the out years.”

If all goes well, that might be true.  I wonder what the odds are of all going well?

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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