Thursday :: Dec 3, 2020

Resigned to the Upcoming F for American Journalism Covering Deficits

by paradox

37 years ago Ronald Reagan gave a State of the Union speech where he declared that “the budget deficit is obscene,” immediately provoking easy laughter among the Democratic Party caucus, which the teevee networks hurriedly turned down.

The totally absurdity of the statement arose because of course Reagan and that churlish lying whiz kid David Stockman—remember him?—completely blew up the deficit with precisely their own stupid supply-side economics.

That’s how long this awful, beyond-ridiculous immensely harmful deficit charade has been going on in DC in a nauseating two-step with our putrid journalism corps. Yet here we are in 2020 on the cusp of the whole charade and disgusting journalism failure being played out again, incredibly, with the same disastrous results for our little people.

Government borrowing is nothing like household or business debt, it is uniquely suited to taking on large long- term amounts with an easy economic ability to pay back. Furthermore, the US is uniquely positioned in our global environment to instantly provide almost limitless debt capacity. Given choices between debt and austerity, the harm inflicted from deficit spending is very little.

The American journalism corps cannot in any sense convey the easy, basic truth of the above paragraph, they just can’t do it and they always get played by it. Dudes, this is not physics, chemistry or advanced statistics, yet you wander along as if you’re polished savvy pros who are good at life, oh my dog.

We absolutely know the small harm of deficit spending precisely because of the Republican behavior toward it, they lie about it when a Democrat is in office and then borrow and spend like drunken sailors when it’s their turn. Where was that deficit harm from Reagan, the Bushes and Trump, American journalism corps? Well? Where is it? There wasn’t any serious harm because deficit spending doesn’t cause it, for the freaking love of Walter Cronkite will you ever get it!?

No, amazingly they just won’t. Right at this moment Republican Senators are ramping up their lying propaganda about deficit spending, they seek to kneecap the incoming Biden administration on the pain of our little people and then blame President-elect Biden for it.

They know they can go on Face the Nation, Meet the Press or the PBS Newshour and baldly lie to a journalist’s face about how terrible deficits are and they will not be contradicted, there will be no context or history provided to counter the screaming outrageousness of it, they’ll all party like it’s 1985, thanks for being on the show.

All right, my dear American journalism cousins, since you cannot present the truth on deficit spending and insist on being lied to by quack economists and Republicans maybe a small human story will break through your snotty indolence of arrogant failure.

There’s a single mother out there with two kids crying as she gets out instant oatmeal for their breakfast, it’s all there’s been for 10 days, all there will be for 5 more and somehow she has to get them to eat it again. Lunch is peanut butter on white bread with an apple from the food bank—again—while dinner as white rice and a little ham that was a gift from a neighbor.

You wall out the awful cascade of failure that got you to this place and desperately quell the fear of tomorrow, all that can be done is to somehow get enough food for the kids today, think of anything more and life will smash you out. She got laid off in April from the covid-19 shutdown and of course nothing has come back since.

Through no fault of her own capitalism and terrible leadership ripped her life into a desperate chase of fear and dread, and what it’s doing to her children is a horrifying story that will mark them for life. The way to get her out of this is to extend and expand her unemployment while simultaneously juicing the environment around her, so that means significant deficit spending—which causes little relative long-term harm.

New York Times, CBS News, San Jose Mercury News, you so obviously don’t give a damn about her or tens of millions of little people just like her, one wonders just what in the hell concerns you but it obviously isn’t easy economics, history or the truth.

Yes, you get a flaming F of failure grade for deficit spending story performance. History and the truth also assign to you cruel, grossly malleable fools, astoundingly oblivious to your role as awful handmaidens to roaring pain and regression. How proud you must be.

paradox :: 5:43 AM :: Comments (0) :: Digg It!