This may be what economists ask, and what politicians may even beat their chests about, but it is not the proper question to ask if economic theory and principles are intended to serve the entire society rather than just the few, who might be trying to manipulate it.
The proper question is: economic growth for whom?
If the Fed had a way of solving these sorts of moral problems, I'd say, "Well, then let the Fed handle it instead of Congress." Because I'd much rather have our little gang of elite economists and bankers deal with it than politicians. But, then again, that would open the door to making the Fed a highly-politicized organization, which would, unquestionably, be dangerous for the American economy.
The Fed only works because we trust it to simply do its job, and, while the chairman and board do give their opinions on policy issues from time to time, they generally won't whole-heartedly endorse anything, precisely because of a fear of losing confidence. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
