The national dialogue, at least the one being choreographed by Democrats and their amen chorus in the liberal Beltway media, has been distorted beyond measure. We are asking the wrong questions and getting the wrong answers.
Let's focus on the real problem. We are in a national debt crisis -- present tense; this is not something that might occur in the future. Medicare and Social Security trustees just issued the grim report that Medicare's fiscal hole has deepened by an additional $2 trillion and its projected date of insolvency has been moved up five more years to 2024. Social Security was already $49 billion in the red last year, and its projected insolvency date has been advanced to 2036.
Meanwhile, S&P lowered America's long-term credit rating from "stable" to "negative," and CNN Money warned that this means there's a one in three chance that S&P will downgrade our AAA credit rating within two years. Also, Pimco, the world's largest bond fund with $1.2 trillion in assets, has already sold off all of its U.S. government holdings.
So, the media shouldn't be asking the Republicans whether they intend to play brinksmanship with the debt ceiling, suggesting that if they refuse to raise the limit again they'll cause the United States to default on its obligations and plunge into a financial catastrophe.
Instead, they should be cornering their most favored president and his Democrats and asking them why they are AWOL on our debt crisis. They should demand an answer on why they didn't produce a budget in 2010 despite having control of both houses of Congress, an egregious act of neglect that hasn't occurred in a couple of generations.
Obama and the Democrats should be asked why they continue to perpetuate the myth that Republicans are going to force a default on our national obligations if they don't agree to raise the debt ceiling. Democrats know the government won't default on its obligations because the interest on the debt represents but a small fraction of the budget. It is other expenditures that will have to be delayed -- something that's unthinkable to these rapacious spenders.
But since the liberal press is not going to do its job, the Republicans and the alternative media need to do it, with considerable frequency and volume. Obama and his Democrats need to be placed on the defensive. They are the primary drivers of this spending; they are the obstructers of entitlement reform, and the national debt continues to burn while they fiddle.
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