February 10, 2014
In recent months we have heard comments from the chief economist at the I.M.F., the chair of the Federal Reserve Board, and the Congressional Budget Office, all saying that austerity is hurting growth and costing the country jobs. By the Congressional Budget Office’s estimates we are still operating at a level of output that is more than $1 trillion below potential GDP. Comparing its most recent projections with its 2008 pre-crash projections, we stand to lose a cumulative total of more than $24 trillion in output ($80,000 per person) through the end of its budget horizon in 2024 as a result of the collapse of the housing bubble.
In short, millions are needlessly suffering from unemployment or underemployment, and the country continues to waste a vast amount of goods and services that it could produce to meet important needs. One would think this situation would garner attention from National Public Radio and other major news outlets. But no, NPR is upset that we are not concerned about the national debt.
It told us this last week in a segment where it included no voices to make the obvious point that spending is good right now, and it did so again today when it complained that Congress lacks the will to reduce the debt.
Obviously the debt is an obsession of some reporters/producers at NPR. It would be reasonable to give them occasional opinion pieces to express their concerns. These pieces are not news.
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