Follow by Email

Saturday, September 8, 2012

New York Times Editorial, "Jobs and Politics": No Mention of $16 Trillion Debt

In an editorial entitled "Jobs and Politics" (http://www.nytimes.com/2012/09/08/opinion/jobs-and-politics.html?_r=0), The New York Times calls for additional spending by the US federal government to create jobs, given Friday's dismal employment report. Of paramount importance to the Times, the report should not encourage voters to support Romney:

"But properly understood, the report should not encourage voters to support Mitt Romney. That’s because boosting tepid job growth requires stimulative fiscal policy — including spending to rehire teachers and to rebuild schools, roads and other infrastructure, as well as loan modifications for underwater homeowners. Mr. Obama has proposed all of that, while Republicans have blocked such measures and the Republican agenda rejects them."

Additional stimulative government spending? To encourage ventures such as Solyndra? To rescue GM, again teetering on bankruptcy, a second time? Will David Axelrod, Valerie Jarrett and David Plouffe manage this new program?

Even more to the point, what will be the source of this funding? According to a March 2012 CBS News article (http://www.cbsnews.com/8301-503544_162-57400369-503544/national-debt-has-increased-more-under-obama-than-under-bush/):

"The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

. . . .

The National Debt also now exceeds 100% of the nation's Gross Domestic Product, the total value of goods and services."

Moreover, it was just announced by the Treasury Department that US debt is over $16 trillion (see: http://news.yahoo.com/us-national-debt-hits-16-trillion-republicans-blast-031301848.html). How would the Times finance this new round of stimulation?

Borrow more money from China? Okay, but how does it get paid back? Where is Obama's detailed deficit reduction plan? In fact, it doesn't exist, but why should that matter to America's responsible citizenry?



No comments:

Post a Comment