Tom Brokaw celebrated the 15th year anniversary of the NBC series, The Fleecing of America this year. Back in 1995, the series came as a response to a growing worry among the citizenry about run-away public spending, exploding deficits, an increased reliance on foreign debt, and a disappearing middle class.
Hmm... that sounds kinda familiar...
Like all good muckraking journalists, Mr. Brokaw hoped that his series might shed light on government mismanagement. And in all those years it has. The bad news is that on the grander scale, 2010 looks an awful lot like 1995 -- only worse.
Expenditures on entitlement programs have continued to surge. Deficits have ballooned. For decades, we've consumed too much and financed it all through foreign debt. The only thing that hasn't been on the rise in the last 15 years is the income of middle-class Americans. The median income of an American family hasn't changed at all since 1995, remaining flat in real dollars. Meanwhile, our society becomes more inequitable, with the richest of us seeing real gains in wealth and the poorest of us losing ground.
The two "surprises" of the last fifteen years haven't helped: the emerging threat of terrorism, expressing itself as 9-11 and embroiling us in two very expensive wars. And, of course, the Great Recession, brought on by the near-criminal overvaluation of our assets in an environment of lax regulations.
The cracks of the American superstructure are reflected in every facet in our lives -- whether it's our disappearing middle class, our crumbling infrastructure or our flailing education system producing kids that can't keep up with the students of other industrialized nations.
None of these trends are new. None of them are even surprising. What is flooring is that we seem incapable of doing anything about our predicament. Nothing changes, except our rate of decline.
Burnett asked Brokaw, "Is it really worse than before?" To which, Brokaw replied, "We've never had debt levels as high or a popular response [expressed in the last election] in such an outraged fashion." Both are true. Our debt levels exceed anything in our history. And the economy and the debt rank one and two on the list of our citizens' political concerns.
So is "outraged popular response" calling our politicians to action? If the recent tax debates are any indication, the answer seems to be a resounding no. Our politicians are spending precious legislative time debating whether or not to give tax cuts to the richest Americans.
What the ^$%#$#%#%$# !!!!!
Really? Really? That's like FDR taking tents from the Oakies and fashioning them into suits for John Rockefeller during the height of the Depression.
The tax cuts at issue (for those earning $250K and above) are in no way stimulative and will increase the debt by over $700 billion in the next two years. That's the exact opposite of the kind of policy we need. As Jon Stewart said, it's like trying to lose weight by eating bacon.
Good for the House Democrats for fighting back. Shame on President Obama for giving in. Mouth aghast at the Republicans who campaigned on fiscal responsibility. You guys are quickly becoming cartoon evil. Rub-your-hands-and-cackle, stroking-a-bald-cat kind of evil. Let's just say I'm waiting for the GOP's floating Big Boy to shoot a missile at the earth. I'm waiting for dalmatians to get made into a coat -- but I digress...
As many have said, the Republican Senators were playing chicken with President Obama. And no one can say that it's easy to be in his spot. Let them win or risk destroying the little economic flame we've kindled. Or so said Larry Summers. No doubt a hard call.
Still, his compromise begs the question -- when will we be willing to make the sacrifice in the short term to save our collective ass in the long term? What needs to happen for us to change? Do we need a calamity? Oh wait. That's right. We had one. The worst financial crisis since the Great Depression doesn't get your attention, huh?
The scary scenario is that our economy could get worse. If the next 15 years ends up looking like the last, then the deficit will approach $9 trillion; our debt at $39 trillion ($14 trillion owed to China); Medicare will be insolvent; and the middle class will be making the exact same amount they are today.
Oh wait... that could never happen... what idiot would ever loan us another $20 trillion? So cross that out and just say -- America goes broke.
Never you say? Never, we thought today.
The event-horizon is close. The terrible future is near. Mr. Brokaw, we may need your help now more than ever.