Posted by: Rick | Wednesday, February 3, 2010

Budget Baloney From The New York Times

The distinguishing bias of “serious journalists” is not towards liberalism but towards endless gloom and doom.

David Sanger writes seventeen paragraphs detailing how federal budget deficits will lead inexorably to the end of civilization as we know it before  he finally drops this little nugget:

The absence of political will is also facilitated by the fact that, as Prof. James K. Galbraith of the University of Texas puts it, Forecasts 10 years out have no credibility.

He is right.  In the early years of the Clinton administration, government projections indicated huge deficits — over the “sustainable” level of 3 percent — by 2000.  But by then, Mr. Clinton was running a modest surplus of about $200 billion, a point Mr. Obama made Monday as he tried anew to remind the country that the moment was squandered when “the previous administration and previous Congresses created an expensive new drug program, passed massive tax cuts for the wealthy, and funded two wars without paying for any of it.” [Emphasis added]

Holy shit, Mr. Sanger, now you tell us!  I was just about to sell everything I own and move to a survivalist compound in Idaho.

There are two truths about the budget that the mainstream media is loath to report:

1) Deficits are largely dependent on the state of the economy. 

2) Republicans have zero credibility — zilch, zip, nada — when it comes to reducing them.



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