Fed policies weigh on working families

Good article on July 7 about Mr. Ben Bernanke (the ex-Federal Reserve chairman) and the Federal Reserve policies. Just a couple of things not mentioned:

1. Mr. Bernanke by his own volition changed the cost-of-living allowance (COLA) structure. He opted to remove the two things that drive the inflation rate - energy and food - and by so doing reduced the rate of inflation to almost zero (1 or 2 percent level). It should be double digits.

2. The unemployment was also changed to count only those collecting benefits and eliminated those who have exhausted their benefits. Not counting them does not give a true total of the unemployed.

The banking and Wall Street recovery is yet another story, along with bonuses paid to CEO's in foreign countries with bailout money.

I have not heard even one politician address these issues, and the cost to the consumer and how it has devastated the working family.

L.N. Hill

Palatine