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Wednesday, July 14, 2010

Exaggerated Interest in the Debt

Dean Baker thinks the co-chair of the President's deficit commission should know the facts about the debt and associated interest payments, or at least take time to check them, before making assertions in public:

Erskine Bowles Goes Off the Deep End, by Dean Baker: When the co-chairman of President Obama's deficit commission gets his deficit numbers off by 100 percent, you would think this would be worth a little media attention. But apparently this is not the case.
Therefore when Erskine Bowles warned the National Governors' Association that the country would be spending $2 trillion a year in interest on the debt in 2020, virtually no reporters thought it was worth mentioning that he had exaggerated the interest burden by a factor of more than 2... 
It is difficult to believe that if Speaker Pelosi or some other prominent Democrat argued for a stimulus package because the unemployment rate is 19.0 percent that the media would ignore their disconnect with reality. It is hard to understand why neither Mr. Bowles nor his co-chair, former Wyoming Senator Alan Simpson, are not held to comparable standards of accuracy.(Thanks to Jed Graham who got it right.)

Why isn't there a jobs commission with powers equal to those that many want to give to the deficit commission?

    Posted by on Wednesday, July 14, 2010 at 01:08 AM in Budget Deficit, Economics | Permalink  Comments (91)


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