Federal Debt Soars Like Icarus
Frontline will be looking at the federal debt this week. Should be worth watching. Of course, they may be having some trouble keeping up as witnessed by the show's title: Ten Trillion and Counting. In the time it took them to produce the show, the federal debt ripped passed $11T.
posted by Derrick Olliff at 1:37 PM
2 Comments:
Most excellent. This should be a good show. Check out my recent entries: http://kc0dxf.net/blog/
I was somewhat disappointed with it. The two big things I noticed are:
(1) On a show about the federal debt, they didn't say anything about debt servicing payments let alone how those payments would get quite painful as interest rates rise.
(2) The show was fairly partisan. The strong criticism of Bush II and his profligate spending was true and relevant (although Congress deserves just as much credit here). But after pointing out that Obama will increase the deficit far more than Bush, they presented several commentators who towed the party line by claiming that we need huge govt. spending for stimulus. The show didn't even acknowledge that plenty of economists would argue against this idea. So while Bush was a spendthrift, Obama gets a pass.
I suppose I'd give a C+. Not too bad but it could have been meatier.
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