06 August 2011

The MSM is Catching On

One can only hope that this is indicative of the future:

For all the rancor, there were good intentions behind the recent deal to cut government spending and start reducing the national debt, which stands at about $14.3 trillion, nearly the size of the entire U.S. economy. The debt problem is a real issue, not a partisan one; if it keeps growing unchecked, America's debt will become unsustainable, requiring far too much taxpayer money just to pay interest on all the money the government borrows. The Budget Control Act that President Obama signed on August 2 will begin to address the problem, with widespread spending cuts that will be modest over the next two years, then intensify.

The article then goes on to note six unintended consequences of the deficit deal passed by CONgress that include another round of inflation (aka “Quantitative Easing”), loss of confidence in political leaders, more pressure on the federal debt, and additional uncertainty.  Really, it’s a miracle that any journalist in the MSM was able to pull their head out of their butt long enough to think rationally and abstractly about the long-term ramifications of the deficit deal.  It’s a pity they waited until after it was passed, though; the time to think about consequences is before action is taken.

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