There was a major debate on Capitol Hill through this fall and winter over the future of food stamps, or the Supplemental Nutrition Assistance Program (SNAP), which subsidizes low-income families’ food purchases. Republican legislators originally called for cutting $40 billion from the program over the next 10 years. This got scaled back in the bill that finally passed Congress, with cuts of less than $10 billion over the decade.

There was a lot of public attention focused on these cuts. Many newspaper columns and editorials weighed in on the importance of the food stamp program. Most people who regularly read the papers or listen to the news on radio or television probably heard at least a portion of this debate. Some progressive groups campaigned on the issue, using their mail or e-mail lists to try to build pressure on members of Congress to oppose the cuts.

The original proposal by the Republicans would have reduced spending on food stamps by $4 billion a year. These cuts would have amounted to a bit more than 5 percent of spending on the program and roughly 0.1 percent of the total federal budget. The cuts would average about $120 per beneficiary per year for families with incomes near the maximum benefit level.

The loss of $360 a year in benefits is hardly a trivial matter to a family with an income near the poverty line (approximately $19,500 for a family of three), so it was not foolish for people to be concerned about the impact of the proposed cuts. However, it is worth contrasting the interest in the proposed food stamp cuts with the lack of interest from the general public over the Federal Reserve Board’s plans for tightening monetary policy.

Most Americans likely have only a vague idea of what the Federal Reserve Board is and does for the economy. A substantial portion of the public has probably at least heard of Janet Yellen, the new chairwoman of the Fed. This is in large part because, as the first woman to be appointed to the position, she received somewhat more attention than would typically be the case. Beyond knowing the identity of the current head, however, and having a general sense that the Fed is important, few Americans understand the extent to which the Fed can affect the economy and affect their lives.

Ever since the economy collapsed in 2008, the Fed has been doing what it can to boost the economy. This has meant lowering the short-term interest rate that it directly controls to near zero, making money cheaper to borrow. It has also engaged in a policy of quantitative easing, which means buying up large amounts of government bonds and mortgage backed securities. The purpose of these purchases is to drive down mortgages interest rates and other long-term interest rates to provide a boost to the economy.