Wednesday, July 20, 2011

Obama Lie about the Debt Broadcast Far and Wide

Each time I think that the media couldn't be any more obsequious in its service to Obama, I'm unpleasantly surprised.

All of the enthusiasm and energy that went into the election of this Congress boils down to three and only three opportunities to reverse the fiscal train wreck that we're in the midst of: the 2011 budget, the 2012 budget and the debt limit.

We all watched as the Republicans squandered the 2011 budget opportunity and now it's incredible how far and wide the presidents blatant outright lies about what would happen if Congress failed to raise the debt ceiling.

For those of you not paying attention (or only reading the herd media), it would be a government shutdown lite. Each month about 2/3 of the government's spending comes in through taxes and 1/3 is borrowed. Without a raise in the debt limit, the government would be able to pay to service the debt, pay military salaries, pay social security and pay medicare using tax revenues.

The idea that Obama would be forced to default on the debt or withhold social security is a vicious lie intended to scare the public and especially Republicans into allowing him to continue his spending spree.

What I find especially annoying is how this pernicious lie has been so widely broadcast. In addition to the NYT and the Washington Post, the wire services and the networks, I've seen it on Fox News, the WSJ and even Tyler Cowen's blog.

Hasn't it occurred to anyone to ask whythis issue of default didn't come up during all of the other time when there were delays in raising the debt limit? After the debt limit was reached in 1995, it took SIX months for limit to be raised. Why didn't we hear about default back then?


No comments: