Saturday, February 13, 2010

Fiscal Responsibility

I'm duplicating a post by digby at Hullabaloo

She points to this post by Dean Baker:
"Next week dozens of honchos around Washington are going to be gathering to try to devise ways to ensure that ordinary working people pay for their incompetent management of the economy. This effort will pass under the guise of 'fiscal responsibility.'

The basic story of course is quite simple. Geniuses like Ben Bernanke, Alan Greenspan and the rest of the country's top economists and policymakers somehow either could not see an $8 trillion housing bubble or just thought it was cute.

When it collapsed and brought down the economy, as every competent economist knew it would, it also created a serious budget problem. Now, these elites are convening special sessions devoted to fiscal responsibility in which they will devise schemes to take away the Social Security benefits that workers have already paid for and to cut Medicare. Invariably they will praise themselves for having the courage to take part in these Wall Street funded sessions to plot ways to take money from ordinary workers. And, they wonder why people hate Washington."

digby adds her own comment: "And these people will also very likely succeed in blaming 'government spending' for the loss of the citizens' future security. But then nobody's telling them otherwise and the leaders in both the private and public sectors who created the mess are being well rewarded. What else are they to think?"

And, I have nothing to add.

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