- To promote job growth, something that the United States desperately needs and that the Obama administration has continually failed to deliver;
- To avoid deflation
If you go out on the street (and I'm talking Main Street, not Wall Street) and ask people what "quantitative easing" is, most people don't know. The Federal Reserve is using complicated financial terminology in order to hide what "QE2" really is: the printing of more money, which devalues the U.S. dollar, and makes the money that Americans have worked hard to save worth less.
It seems that whenever times are tough, the government moves forward with plans that involve pumping in more money. If the $600B doesn't do the job, then their next idea will probably be to move forward with "QE3" and pump another $600B (or more) into the economy, devaluating the American people's savings even more.
You cannot solve all problems by simply throwing money at them. Zimbabwe tried this. They ended up with, according to their own government, over 230,000,000% inflation. (Forbes estimated the inflation to be so much that to express the figure, you need to use scientific notation - 6.5x10^108%.) Using the government's numbers, that means that a person with $2,300,000 ended up with their millions being worth just $1 in a matter of a few years. Do I think the Federal Reserve would be as irresponsible as Zimbabwe's Central Bank? No. Do I think President Obama is as foolish as Zimbabwe's Robert Mugabe? No. But simply printing money up isn't a long-term solution that can solve our country's economic problems.