Monday, March 14, 2011

We're not "broke" - redux

E.J. Dionne:
“We’re broke, broke going on bankrupt,” (claims the GOP's Beltway Boss John) Boehner...
Bloomberg News looked at Boehner’s statement and declared simply: “It’s wrong.”
As Bloomberg’s David J. Lynch wrote: “The U.S. today is able to borrow at historically low interest rates, paying 0.68 percent on a two-year note that it had to offer at 5.1 percent before the financial crisis began in 2007. Financial products that pay off if Uncle Sam defaults aren’t attracting unusual investor demand. And tax revenue as a percentage of the economy is at a 60-year low, meaning if the government needs to raise cash and can summon the political will, it could do so.”
Precisely. A phony metaphor is being used to hijack the nation’s political conversation and skew public policies to benefit better-off Americans and hurt most others.

1 comment:

  1. It is sound-bite scare tactics. What they really mean is: "I don't think a progressive tax code is a reasonable price to pay for Social Security and Medicare." If they had an ounce of integrity this would be their stated platform and they would be cleared out of D.C. and every state house.