Digby: CNN's Fiscal Madness

[marmar]

from OurFuture.org:



CNN's Fiscal Madness
By Digby

January 12th, 2009 - 12:00pm ET

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I can't believe what I saw this weekend: CNN showed the Shock Doctrine documentary I.O.U.S.A. It is an amazing piece of propaganda, which, if it isn't designed to destroy any chance of enacting a necessary stimulus, will persuade more than a few Americans that the biggest problem we face at this moment is long term debt caused by entitlements—and nothing short of massive spending cuts can save us.

Here's the press release:

Wake up, America! We're on the brink of a financial meltdown. I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. Burdened with an ever-expanding government and military, increased international competition, overextended entitlement programs, and debts to foreign countries that are becoming impossible to honor, America must mend its spendthrift ways or face an economic disaster of epic proportions.

Throughout history, the American government has found it nearly impossible to spend only what has been raised through taxes. Wielding candid interviews with both average American taxpayers and government officials, Sundance veteran Patrick Creadon (Wordplay) helps demystify the nation's financial practices and policies. The film follows former U.S. Comptroller General David Walker as he crisscrosses the country explaining America's unsustainable fiscal policies to its citizens.

With surgical precision, Creadon interweaves archival footage and economic data to paint a vivid and alarming profile of America's current economic situation. The ultimate power of I.O.U.S.A. is that the film moves beyond doomsday rhetoric to proffer potential financial scenarios and propose solutions about how we can recreate a fiscally sound nation for future generations.

Creadon uses candid interviews and his featured subjects include Warren Buffett, Alan Greenspan, Paul O'Neill, Robert Rubin, and Paul Volcker, along with the Peter G. Peterson Foundation's own David Walker and Bob Bixby of the Concord Coalition, a Foundation grantee.

Pointedly topical and consummately nonpartisan, I.O.U.S.A. drives home the message that the only time for America's financial future is now.

I suspect that people who read this blog know why that's deeply dishonest and why the timing for this crusade couldn't be worse. It's obvious to those who are following this story that what's required to avert a far worse recession and quite possibly a depression, is for the government to do the opposite of what these deficit obsessives say must be done. But I don't think everyone in the country has that understanding. ......(more)

The complete piece is at: http://www.ourfuture.org/blog-entry/2009010312/fiscal-madness-cnn