I’m stunned again by the way our modern world wants to play “let’s pretend”.
The particular instance that brings this to the fore is S&P’s latest pronouncement about the Greek “bailout”. In short, they said that regardless of what has been voted on and promised by the Greek legislature and the various Europeans governments, Greece may still be declared “in default” according to the definitions and the rules under which rating agencies are required to act. ….in other words, reality is reality, regardless of political spin.
There is an important lesson for us here. We truly are following the path that has led to this disaster for Greece. And we certainly don’t want to be back into a corner where there is no way out except default. ….yet that is precisely where we’ll be if we keep playing every trick in the book to “hide” the reality facing us.
We’ve seen a litany of these “lies” lately… no one wants to simply tell the truth. And all too often they seem to get away with it! Is Ms. Anthony guilty of killing her child as the lies suggest or should she be acquitted because other, more famous people, lied and got away with it? KSM is an untrustworthy, weak and addicted cad, yet because the person accusing him of rape lied on her immigration application, she will probably be deported and he will become President of France! Weiner was “hacked”, others had trouble with the meanings of “is”, “war”, “constitutional”, “accountability”, “marriage”, etc. In every case, the meaning of the word was “spun” to protect the guilty and confuse the innocent.
And here we go again with the words “default” and “limit” on borrowing or “cap”….
What good is done if we again raise the borrowing cap but don’t learn our lesson about excessive borrowing? And isn’t the real issue one of spending beyond the means of our economy to repay? If we raise taxes, will it raise tax revenues or only further depress the economy and discourage the production of goods, jobs, profits and hence tax revenue? What is the “truth” here, determined by measurement of observable facts?
And why should we look to “future” spending reductions as the solution? Could we not just look to “future” revenue growth to save us from overspending?
BOTH future savings and future revenues are pipe dreams! …smoke and spin put up by Rs and Ds to avoid telling us the unvarnished truth: we’ve ALREADY spent far beyond our means and SHOULD be threatened with imminent default REGARDLESS of what we do with the “borrowing cap”. Our politicians won’t tell us this because they prefer being re-elected to being honest (at worse) and “hope springs eternal” (at best.)
The “future” as projected by all the “experts” in Washington has not been anywhere near correct for a very long time now. We’ve just been lucky. These so called “experts” have been foolishly wrong on both sides, but our ability to invent…. and pure luck…. has seen us through WITHOUT requiring us or our politicians to act responsibly.
It is long, long past time to stop the lies, face reality and quit gambling with our children’s and grandchildren’s legacy!
An across the board reduction in spending…. not more borrowing…. is what is needed. Share the pain, face the reality, and stop the lies and blame game.