Jul 28, 2011

The Debt Crisis


When Eisenhower was President, I think he addressed the public about three times a year, on one of three networks. Media historians view the Nixon-Kennedy Debate as the beginning of politics as an audio visual experience. On a parallel track, at the same time our candidates needed to sell better to a visually literate audience, our news has become much more tabloid. Today, we actually have comedians and disk jockeys providing analysis on dozens of networks. Although our President addresses the nation about once a week, the level of public comprehension is debatable. The only sure conclusion is that we have been successfully polarized. The box, which now is a flat screen, has us conditioned to contrived drama on reality shows. The current one is called the debt crisis.

14 comments:

gary ledebur said...

Excellent points MM, but did you mean "debt crisis?" The 24 hour news cycle is too much for any outlet. Couple that with the need to sell advertising and we are off and running. Fox and Limbaugh are on the right and MSNBC and the Huffington Post on the left.

The internet is a mixed blessing. More options, like this informative blog, but also a narrowing of content. My sister-in-law, who is well read and educated overall, restricts her news to science, medicine and Facebook posts. She knew all about Amy Winehouse but nothing about the debt crisis. This is tragic for a democracy.

michael molovinsky said...

thanks for noting that typo. ( i had written "debate" crisis) yes, where's walter (conkrite) when you need him.

steelbreast said...

I hope the yahoos in congress solve this problem soon as my 401k is dropping in value each day this goes on. so we have to cut some loopholes in the tax code. General Electric should pay some tax.

Anonymous said...

liberals---always want more taxes. The top 1% of americans pay too much tax now. they make jobs! General Electric is a great company and they deserve to not pay taxes. How many jobs has steelbreast created?

Patrick McHenry said...

I find the theatre in Washington interesting.

First there is the contrived August 2nd date, after another deadline months earlier passed without hardly anyone noticing.

Then we get the threat from the President of Social Security checks not going out. That's odd since we are constantly being assured that the money for social security is in a trust fund, and the fund is solvent.

One way or another, the President is lying to us about social security. Either the money is there and there is no real threat to the checks going out, or it's a giant Ponzi scheme that has been sucked dry by those in Washington.

That the main stream media doesn't even mention this inconsistency and allows the lies to continue is simply appalling. That the President of the United States would stoop so low as to threaten senior citizens for his own political gain is disgusting.

gary ledebur said...

The president will have a major problem next week without an increase in the debt ceiling. He has two huge multi-billion dollar payments due and he cannot pay both fully. One is social security and the other is interest on our treasuries. If he fails to pay the interest, he risks a double-dip recession, stock market collapse, hyperinflation and the further fall of the dollar. A Hobson's choice.

gary ledebur said...

Social security payments come directly from the US Treasury just like any other federal payments. This has always been the case and everyone should know this.

The issue of sufficient funding for social security is a very different issue. Yes we tax enough to make payments for the foreseeable future. The problem dear Patrick is cash flow.

Anonymous said...

I thought social security was in a separate lock box with no key allowed.

In any case, I saved my money and the old folks should not get a handout. They get free health care and want checks in the mail each month.

michael molovinsky said...

anon 4:03, you have been putting this comment about social security on this blog for months. do not workers have social security deductions from their paycheck for their entire working career? why are they not entitled to get some of it back? i do have a problem with social security disability, especially by young fakers, but please explain your objection to the gray haired getting their deposits back.

Patrick McHenry said...

Gary -

There is plenty of cash flow to pay social security, veterans, the armed forces and the interest on the debt.

The choice to scare seniors was the President's and was politically motivated.

Patrick McHenry said...

Gary -

So on social security you're admitting that there is no trust fund and that we're paying as we go. That is in direct conflict with the lies we have been told previously.

By the way, it doesn't take a mathematician to realize that with the baby boomers starting to retire, extended life spans of the elderly and the shrinking number of people in the workforce that the social security system cannot be sustained.

Wayne said...

Patrick McHenry said...
Gary -

There is plenty of cash flow to pay social security, veterans, the armed forces and the interest on the debt.
--------------------------------
Not according to this...
The ramifications of not raising the debt limit.

Patrick McHenry said...

Wayne

I think the numbers in the video are different from what the Treasury has put out. They may indeed be right, but I have to go with the monthly Treasury numbers.

By the way, using the total revenue and total spending numbers in the video, the government is overspending by $1.478 Billion per month. I think that would make the annual deficit even higher than previously predicted, which again might be correct.

Anonymous said...

The federal debt has every man, woman and child in debt for $34000. If we count just the working families earning a check, one can only imagine what the debt per family is. Even then, unemployment will have to be below 8% or the debt per family rises. We are in serious trouble, thanks to our big spending politicians who have made "blowing" our tax money an addiction, all for getting votes! They have effectively lowered our standard of living to that of the third world countries without many of us knowing it and many don't really care since they were brought up believing they were entitled to the property of others by voting in their favorite libs who made all the promises. The government has, in reality, stolen from us by using our taxes for entitlements. They have also reduced our savings, (but not theirs)! Diverting a shutdown by raising the debt ceiling is the least of our worries. We all had to know this was coming but too many hoped the government would keep kicking the can further down the road!
"Let our kids and Grand kids pay with money not yet earned because I want mine now!"
Get ready, the piper is coming and we had better be prepared to protect the little we have because the entitlement crowd will be mad as hell!