Sunday, December 12, 2004

Borrowing is Not Borrowing

As we wade deeper into this social security mess, it's going to be important to pay attention to how much the media buys the Bush administration's fabulous new argument that borrowing a couple of trillion dollars isn't actually borrowing a trillion dollars.

I'm reminded of the California recall election, during which the media reliably passed along the fake contention that California had a $38 billion deficit, when in fact that deficit was only $8 billion. And, all the while they marveled at Arnie's cunning plan to shrink the "deficit" by... borrowing money!

damn irresponsible bluggers