Washington Post Now 'Panicking' Over Deficits

There's panic at the Washington Post today as its editorial crew issues the latest dire warnings over debt.

Are they talking about the mounting household debt that's rising across America as the unemployed and discouraged job-seekers among us struggle to figure out how to stay in shelter and have enough food to eat? Of course not! Rather it's the nattering of the Post's Sudden Deficit Hawks, screeching about how "It's time to stop worrying about the deficit -- and start panicking about the debt." They've arrived in their panicked state far too late and pimp a solution that won't work.

Pacing this pure panic-mongery are some fun interpretations of the world and current events, which The American Prospect's Dean Baker calls "dissembling," which is a fancy word for "lying."

For example, your Post editors say:

Consider: In the space of a single fiscal year, 2009, the debt soared from 41 percent of the gross domestic product to 53 percent.

Well, hey, "consider" what events transpired during that past year! Take it away, Mr. Baker:

Yes, the debt rose from 41 percent of GDP to 53 percent, but the reason was not profligate spending by Congress or even irresponsible tax cuts. The reason for the surge in the debt was the economic crisis brought about by the collapse of the housing bubble.

The Post could not be bothered to write about the housing bubble as the danger was mounting, only giving attention to the likes of Alan Greenspan and Ben Bernanke, who told us everything was fine, or even better, presenting readers with the assessment of David Lereah, the chief economist of the National Realtors Association and the author of the 2006 bestseller, Why the Real Estate Boom Will Not Bust and How You Can Profit From It.

Naturally, the only thing that will save us is a bipartisan effort to gut Social Security and Medicare, and the Post's editors tout the "new version" of the "fiscal task force" floated by Senators Kent Conrad (D-N.D.) and Judd Gregg (R-N.H.) to do it. Support for such a task force comes from a group of senators, any of whom could propose their own deficit reduction measures right now, if it weren't for the fact that signing their name to such a choice might put their seat in jeopardy. The main goal of this task force is to shield such lawmakers from responsibility.

I'll remind you that the version of the "task force" that the Post's editors now support to the point of fear-mongering, would require a task force super-majority to make any recommendation, and that such recommendations would subsequently require another super-majority to pass into law. This basically means that this task force won't accomplish anything, except provide the spectacle of lawmakers pretending to get tough on deficits. It's possible that the editors of the Washington Post haven't a clue as to how Congress has become gridlocked lately, but I think this is an example of how they're not able to distinguish activity from achievement.

Naturally, if they manage to get what they want, you won't catch these editors taking any responsibility for promoting this doomed enterprise and selling it as a means to assuage "panic."

RELATED:
The coming debt panic [Washington Post]
The Washington Post Is Panicked, Again!!!!!! [Beat The Press]

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Comments

[leeannethethird]

Just in time for health reform?

[Pablo175]

Better late than never!

[realpolitic]

First, the Post did not worry about deficits at all under Bush and Chney. It was a forgottem word. Secondly, one does not try to balance the budget in times of a severe recession. Even if we find out the recession is over in a few months, unemployment is skyhigh and the economy is in a precarious condition. When the private sector starts to hire and expand again, then we can worry about bringing down deficits. Then tax revenues will increase as well. The Post just wants to tie the hands of a Democratic administration.

[Billar]

WP's editorial page is conservative. I just wonder where all this deficit concern was for the past eight years.

[Aerows]

Here's a start if we want to reduce the deficit. How about stopping corporate welfare? Demanding that entities that owe the US money pay it back? Stop the wars we are mired in?

No, let's make sure we cut funding that benefits the people of the US. We can't spend a dime of tax payer dollars for the people. We can come up with an endless stream of cash, though, when it benefits large companies.

[janeycat]

Well the talking heads on Faux News reference WP as their source of news all the time....

[rain33]

deficits coz we have democrats in control whereas republicans in control for eight years didn't give a flying bleak about americans losing homes, health care, jobs etc but those conservatives and blue dogs are worrying bout the deficit? give me a freaky break

[nomobull]

exactly

[northstar11]

i am sure there is video somewhere of dick cheney saying deficits dont matter -----see there now all better ----all that needs to be done is to play the tape to reassure the washington post panickees

[Beka13]

Why do they think pandering Murdoch's brainwashed masses is going to keep them in Business? That set has already written them off as liberal media so all they are doing is pushing away their only audience....As far as I am concerned...The faster these corporate propaganda machines go out of business the better...The media should be non-profit to ensure non-bias anyway.

[Aerows]

They have no credibility because they don't tell the truth. People are figuring that out because they aren't watching the news as much anymore, and aren't buying as many newspapers.

When non-US news agencies do a better job of reporting US news, there are real problems.

[JacklynD]

The Washington Post lost its credibility a while ago. Like most main stream media it is a propaganda machine now.

[tpaige1967]

Here in San Diego we have a major water main leak at least 3 times a week . You want to know why republican administrations defered maintenance on tem for 40 years and now everything is falling apart. They convinced people that taxes were bad and you could live for free.

[imusintheevening]

Ha ha. I lived in San Diego from 1980 to 1984. The freeways and infrastructure was great. We used to drive to Puerto Nuevo in Baja for lobster every couple of months and the road was treacherous and full of potholes. Last year I sailed a boat to Ensenada and took a taxi to San Diego Airport. The road in Mexico is now a 4 to 6 lane divided highway with smooth asphalt the whole way and the potholes start at the border in the US where the freeways are crowded and in horrible disrepair.

[Liberal2]

That's why the wealthy use private airplanes for that type of travel.

[ydrittmann]

What does your butler say about that?

[Patriotallday]

One way the government could save the taxpayers some money is to have the Postal Service conduct the Census since they are going to every address almost daily as it is. Why pay money to groups like ACORN when we already have a government agency in place that could easily perform the task?

[Aerows]

Slapping at gnats while the tiger is eating your behind is typically not a good solution. While I agree with you that it would save some money, I'm way more concerned about many other equally useless and unnecessary spending that occurs daily in the defense budget. That's the leaky faucet that constantly flows outward to everywhere in the world but the US.

[nomobull]

or to use biblical terminology when Jesus says when questioned about tithes Mathew 23:26 "ye blind scribes which strain at a gnat,but swallow a camel a camel."
Jesus has a way of getting straight to the point.

[rjmiller]

Those savings are not very big and postal service would be significantly delayed. The cost to the economy for delaying mail may be greater or equal to the cost of hiring ACORN.

[ninthraphael]

WASHINGTON POST WILL NOT RISE FROM THE RUINS OF PARTISANSHIP JUST LIKE FAUX NEWS!
NO WONDER VERY FEW PEOPLE TRUST THE MAINSTREAM MEDIA!

[nomobull]

only the politicians still buy what they are selling which is the only explanation for their stupidity on what's really in the hearts of the majority of the voting public. you know those of us who never get polled, not radical enough to fit their agenda. know the difference between a real grass roots movement and a corporate created one,patient enough to wait and work for better because we're tired of crumbs. and wise enough to know that delayed gratification is much more satisfying.
history teaches us the rewards of patience over instant gratification. the importance of truth over propaganda. and the need to go against the status quo. it's too late to say oops.or to point out the obvious after the damage has been done. and when someone is sweeping stop throwing trash on the floor if you want the mess cleaned up.

[Archivist1000]

Who says women have come a long way???

Between Tiger's Den and this one ... http://archivist1000.blogspot.com/2009/12/and-so-it-goes-sarah-streewalks-her.html ..... it's hard NOT to just give up!

[smiththomas]

People are out of work and they give government workers a raise.