Terry Paulson

Columnist Walter Williams quoted Mike Whalen commenting on last year's Social Security Trustees annual report: "The report on the state of entitlement programs is rather grim—the combined unfunded liabilities (obligations that are not covered by an asset of equal or greater value) of both programs (Social Security and Medicare) are $101 trillion." Since entitlements never cost less than politicians first predict, what will Obama's expanded healthcare coverage add to our debt?

Our annual GDP is only $14 trillion when it’s healthy. Where will the money come from to fund these liabilities? Is it true that you could take all of the income of the top 5% of American taxpayers and not make a dent?

Reporters frequently cover President Obama blaming the Bush administration and everyone but Democrats for our current economic mess, but what hard-hitting journalists are exposing the Democrats’ role in blindly pushing banks into affordable housing? Where's the coverage on how Rep. Maxine Waters and Rep. Barney Frank consistently defended Fannie Mae and Freddie Mac and blocked Republican call for more regulatory oversight? Is it true that, as a senator, only Chris Dodd received more campaign funds from Fannie Mae and Freddie Mac than Barack Obama?

When Obama says that "responsible" scientists support man’s contribution to global warming, where’s the coverage of scientists who dispute these findings? Reporters question any funding by oil companies, but what funding do "global warming" advocates receive by promoting the global warming hysteria? What could Obama's cap-and-trade tax plan do to our weakened economy and to Al Gore's wealth?

When Obama says all responsible economists support his economic spending plan, where's the coverage of reputable economists who disagree? Where are the stories isolating relevant history as to what economic policies work?

Many focus on the Great Depression, but what lessons can be learned from the severe economic downturn of 1920-21? To fight World War I, America significantly increased its money supply. When the Fed started to tighten at war's end, production fell 20 percent. Why didn't this become the first great depression? Because President Warren Harding did what Obama said can't work—he refused to intervene. That's right; you can do nothing and make things better! By letting businesses fail and prices fall, the economy was able to right itself.

Propping up failed companies by over-taxing successful ones has never been successful in sustaining economic growth! Instead of letting the economy right itself after the Crash of 1929, both President Herbert Hoover and FDR raised taxes, launched public works, extended emergency loans to failing businesses and lent money to states for relief programs. FDR further expanded government and entitlement programs. Sound familiar?

It was the post-World War II economic growth that brought America back. It's easy to beat your global competition when their cities are in ruin! It's time for our free press to its job in making current political majorities sweat instead of leading their cheering section!


Terry Paulson

Terry Paulson, PhD is a psychologist, award-winning professional speaker, author of The Optimism Advantage: 50 Simple Truths to Transform Your Attitudes and Actions into Results, and long-time columnist for the Ventura County Star.

 
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