This time I am referring to an article that comes NOT from our favorite Bloomberg columnist and CINEMA MAJOR--Caroline Baum--who opinies on all things economic (did I mention she's a cinema major?), but some girl by the name of Kasia Klimasinka who, with a name like that is probably straight out of Russia or one of the former Soviet Republics so I shouldn't be too surprised by the incredibly flawed take on things. In fact, I wouldn't be surprised if Putin was reading her shit right now, which would explain some of the inept economic moves he's been making recently, but I digress.
Anyway, Ms. Klimasinka starts her piece off with a very scary title, which warns us that "America's fututre just got $7 trillion worse" because, supposedly, in 2035 that's how much will be added to the USA's "debt."
I don't know about you, but I just love it when they start projecting out 10, 20, 30 years into the future in order to scare people now, as if nothing can be done/will be done and does this have any real fuckng significance??? I mean, why stop at 2035 when you can say, in the year ten billion two thousand fifteen (thereabouts) the earth will be consumed by our sun when it turns into a giant supernova. Now THAT'S scary.
Below is a snippet from the article. Feel free to read it with amusement or disgust (depending what kind of person you are)
In 2035, the debt will almost equal the size of the U.S. economy; four years later it will match the previous record, set in 1946, at 106 percent of gross domestic product, the CBO estimated last year. Compare that to the 2014 debt burden of $12.8 trillion, or 74 percent of GDP.
Wow. I'm shaking in my fucking boots.
This is not only mind-bogglingly stupid and pathetically misinformed, it's just really shitty journalism. Go try to work at Bloomberg. They're a stickler for credentials and that applies to academics, I'm sure this chick probably went to Columbia School of Journalism or Mike's Alma Matter, Johns Hopkins no less, and yet, they publish this crap? This is a totally one-side, misinformed, slanted and completely ignorant piece. It's not worth the electrons it was written with.
However, give Ms. Klitchensinka some credit. She did use citations in her article. She cited the very fair and balanced, "Committee for a Responsible Federal Budget." In case you didn't know who those guys are, they're a right wing organization whose sole aim is to get rid of the social safety nets. The president over there is Maya MacGuineas. Ms. MacGuineas spent her entire career slinging conservative tripe at places like Brookings, followed by stints on that rag sheet, Wall Street Journal, on the editorial board, of course. Her nickname is the "anti-deficit warrior." Is that freakin' corny or what? The "Anti-deficit warrior?" Seriously? What utter stupidity. It's blind, rah, rah, dogma. Frat house shit.
Okay, now let me switch gears a bit. I have something for you to look at. It's the Debt Clock. You know, that's the not-so-little fear monger widget that MacGuineas and other "responsible" folks like her dreamt up and run. It's pure propaganda, but many people are frightened by it. There's a big one right here in Times Square, NYC.
At the very top of the Debt Clock (the online version) it shows the $18.2 trillion national debt. The number's right there, right in front of our faces to make sure we see it. Alongside the national "debt" is the supposed, "debt per citizen" of $56,793 and right next to that is the "debt per taxpayer" of $154,219. The very way the Debt Clock is designed is to get us (the people) to see these supposedly really, really, scary numbers.
But here's something they never show you: not our little chickie journalist at Bloomberg or Maya and her colleagues at "Responsible" budget or any of the cynics, liars and morons who are working nonstop to foist this bullshit on us.
If you look all the way down at the very bottom of the debt clock, right smack in the middle you will see "Total National Assets" of $115.8 trillion and assets per citizen of $361,000.
You got that? The nation's assets--right now--are almost 10 times the debt and the assets per citizen--right now--are almost seven times the debt. And that's now. What will they be like 18 years hence? They never tell you that. In fact, the debt clock in Times Square doesn't even have those asset numbers. It's deliberately left out.
So you see, the whole thing is intentionally designed to manipulate you into demanding what THEY want and believing what THEY believe.
I can promise you this: Walk into any bank with these ratios: assets, 10x your liabilities and income 85 times your annual debt service ('cause that's what it is) and believe me, they'll lend you money. They'll fucking throw money at you.
And we all know it's not even about that. It's not about the USA getting a loan in 2035 or 2075 or tomorrow for that matter. It's got nothing to do with borrowing. That's because the USA doesn't borrow. It doesn't borrow its own dollars that it can create without limit. The whole assertion is preposterous. All of the treasury securities out there today, every penny, all $18 trillion, have been bought with dollars and the same will be true in 2035 when the amount will be $40 trillion or whatever. And those dollars will be there because they will have already been spent into existence. I'll even go a step further...all Treasuries in existence, now and in the future, ARE dollars, just held in a different form. THERE. IS. NO. DEBT.
That about raps it up. That's all I really want to say for now. Bloomberg LLP is garbage. Don't read it. Taking your advice from a cinema major or any of the other jokers over there is like taking medical advice from a quack. It can kill ya.
As for Maya MacGuineas, Committee for a Responsible Federal Budget, Brookings, Wall Street Journal and all the other deluded ideologues out there who are tying to lie to us and screw us over...FUCK YOU, TOO!
