A new Congressional Budget Office (CBO) report reveals the nation’s “deficit levels (annual totals of red ink) are stalled at breathtakingly high levels—and are projected to soar again in a few years, piercing the $1 trillion mark.” Additionally, “our debt (money owed to the United States’ creditors) is on pace to exceed the GDP (the value of goods and services produced) by the time today’s college graduates turn 50.” That’s dire news in any rational person’s world… but, then again, mainstream media outlets and Washington D.C. insiders are anything but rational.
The National Journal’s Ron Fournier criticizes the absurd spin all too apparent in the press’ coverage of the CBO’s latest report on our nation’s debt levels. You see, the CBO’s report also projects a brief—and temporary—dip in the federal debt held by the public over the next few years. That’s what news outlets chose to concentrate on, not the fact that CBO projects that “twenty-five years from now, in 2039, federal debt held by the public would exceed 100 percent of GDP…”
Fournier points to Politico’s lede which stated, “The federal budget outlook will continue to improve this year, with the deficit projected to shrink to $514 billion—the lowest level since President Barack Obama took office.” Additionally,
Like many on the left, Mike Grunwald of Time magazine cherry-picked the CBO numbers to argue against austerity. He waited until his last paragraph to inform readers that the debt is expected to grow from 74 percent of GDP today to 106 percent in 25 years, and then noted (correctly) that President Bush squandered the Clinton-era surpluses. It’s never too late for the news and a partisan shot.
This is the subhead on Grunwald’s piece: “Fiscal doom will be delayed thanks to lower health care inflation in recent years. But will Congress take notice?” Thanks to? Doomsday is coming—a little later than feared—so let’s give thanks, and spend!
You can read Fournier’s full article here.