The gasbags are going on and on about the deficit this morning. Concerns about the deficit only occur during Democratic administrations, as we all know. The deficit was higher in the last year of the Bush administration than it is now. Remember the hue and cry that went up then? Me neither.
In fact, outside of GOP pols and their fellow-traveler pundits, nobody cares too much about the deficit now. Every poll shows jobs and the economy as the most important issue in the country, yet the gasbags keep trying to convince the nation that we're all consumed with reducing the deficit.
As Gene Lyons notes, sarcastically, "It's perfectly obvious. The thing to do is cut government spending, reduce demand, put more people out of work. Prosperity will come roaring back." No 6th grade math student would fall for that, but the pundits think the American public will.
Possibly the dumbest thing President Obama has said is this: "Families across the country are tightening their belts and making tough decisions. The federal government should do the same."
Families also borrow, Mr. President. They have house loans, car loans, school loans, vacation loans, credit cards--yada, yada, yada. Families "borrow and spend" all the time. In fact, the federal government has way more collateral than families do. For starters, what do you think all the post offices are worth? Most of Utah is federal land. What is Utah worth?
The government also has an advantage families don't: it can print money--or, to put it a different way, expand the money supply. They don't like to do it because it's inflationary, but inflation is better than deflation, and frankly, we could use a little inflation.
Besides, if anyone is really serious about doing it, it's not that hard to balance the federal budget--I've done it myself--but you have to start with the assumption that the rich aren't special. The rich, who deliver our news, aren't there yet.
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