The Washington Post Is Panicked, Again!!!!!!
OPS_admin | Dec 16, 2009 | Comments 0
Dean Baker
The Washington Post is widely known for giving shrill warnings about the deficit danger, but this one is really over the top. It is literally titled: “the coming debt panic.” The piece tells readers of the urgency of reining in the debt, telling readers that: “failing to do so will lower the national standard of living.”
Sorry folks, this is not true. To push its deficit reduction position, the Post is doing what folks in Washington call “dissembling.” They have another word for it everywhere else. Standard economic models do show that deficits can slow economic growth by crowding out investment, they do not show that this impact will be large enough to actually lead to declining standards of living, or at least not any time soon.
The editorial also has the gall to emphasize the problem by telling readers: “consider: In the space of a single fiscal year, 2009, the debt soared from 41 percent of the gross domestic product to 53 percent.” This should have readers have everywhere setting their newspapers and computers on fire.
Full Story Beat the Press Archive | The American Prospect.
Filed Under: Media
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
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