Posted by: James Atticus Bowden | February 23, 2009

Speaking Economic Truth to the Press

Speaking the truth to power is necessary in new areas of public discourse.  Now is the time for good men and women to speak economic truth to the MSM  – and their neighbors, family, friends, co-workers and church family.  Because the MSM is either clueless or crying wolf – lying – for political purposes. 

Today’s example from the Daily Press (Obama to roll out Econ 101, Feb 23, 2009) by Jim Puzzanghera included this gem:

“Yet the alternative to spending on a huge scale could be that the present crisis could not only worsen but last for a decade or more as did an eerilly similiar financial system crash in Japan in the 1990s.”

The eery similarity is that Japan had a housing bubble burst in the early 1990s. and the US had a housing bubble burst in 2008. 

Then, Japan tried government stimulus program after stimulus program.  All the spending failed to help the economy.   All the government spending prolonged the economic hardships for a decade.

The correct way to write this sentence is this:

“The alternative to spending on a huge scale could be that the present crisis will turn around in less than a year, and the economy will recover fully within 24 months – much likely much sooner.” And the paper should add –  The alternative is to not spend a dime.  In fact, cutting spending and taxes – personal and corporate – would set the stage for a multi-year recovery and growth.

Hey, Jim Puzzanghera, please name the country that spent its way out of an economic downturn.  Anywhere.  Ever.

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Responses

  1. The truly frightening aspect of this is that as they have now made these terrible miscalculations, their pride won’t let them admit that perhaps it was the wrong approach and so they will pour more good money after bad. In fact they hava already started. Typical Yankee solution, like pouring more troops into the attack at Fredericksburg or Cold Harbor. Such arrogance.
    I fear that they aren’t done yet.

    Is it time yet for Atlas to shrug?

    Perhaps, and who is John Galt. . . ?

  2. Dry Viking: Thanks again. My next op ed will talk about how when the economy gets better the Libs/Dems will take credit – even though their policies made it slower to recover and weaker.

    Arrogance is indeed an attribute of the Puritans that the modern Puritan Liberals still carry.

    There are a lot of other folks talking about John Galt too.

  3. No doubt they will Jim, and their MSM allies will be “sore amazed” at the miracle.


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