03 Sep 2009

New York Times Offers Two Views on Fiscal Policy

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Some people accuse Fox News of presenting only one side, but I’m glad to see that the newspaper of record offers a wide range of views. For example, in a column from August 27, the contributor declared:

So new budget projections show a cumulative deficit of $9 trillion over the next decade. According to many commentators, that’s a terrifying number, requiring drastic action — in particular, of course, canceling efforts to boost the economy and calling off health care reform.

The truth is more complicated and less frightening. Right now deficits are actually helping the economy. In fact, deficits here and in other major economies saved the world from a much deeper slump. The longer-term outlook is worrying, but it’s not catastrophic.

Presumably to balance this sanguine view of massive deficits, the NYT ran a column taking the opposite view three days later:

And what about other challenges? Every desperately needed reform I can think of, from controlling greenhouse gases to restoring fiscal balance, will have to run the same gantlet of lobbying and lies.

The New York Times op ed writers: They report, you decide.

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