America's sky is falling. A Los Angeles Times/Bloomberg poll conducted last month found that 78 percent of Americans think that the country is heading in the wrong direction.
Of course almost 4 in 5 Americans think the country is heading to heck in a hand basket. The news media are stuck in one gear when it comes to reporting economic news — Armageddon.
As Hillary Rodham Clinton supporters so aptly noted, many journalists are besotted with Barack Obama. That makes them open to any bad news that can be tacked onto Republican George W. Bush.
But it's more than liberal bias. Journalists are convinced that the American economy is collapsing and going down the tube because our industry is collapsing and going down the tube.
So if you say the economy is "slowing," as Republican presidential candidate John McCain has said, you're insensitive. If you are in touch, you are supposed to ignore the .6 percent GDP growth in the fourth quarter of 2007 and 1 percent growth in the first quarter of 2008 because that belies the belief that the U.S. economy is in recession.
Remember the "misery index" — the combined rate of unemployment and inflation that peaked at 22 percent under President Jimmy Carter? Forget it. Not enough misery. In 2004, Democratic presidential candidate John Kerry had to throw in extra statistics to inflate the Bush misery index because the combined unemployment and inflation rate was about 8 percent.
Lately, news stories report on American fears about inflation, without reporting the rate of inflation. It's about 4.2 percent. With the unemployment rate at 5.5 percent, the "misery index" is around 10 percent.
Yes, gasoline prices are up.
Granted, higher prices at the pump are forcing some Americans to cut back and have had a ripple effect throughout the economy. After years of arguing that greener energy policies don't hurt the economy, but instead create jobs, Democrats and talking heads should be cooing about the new economic horizons unfolding.
The housing bubble burst.
A lot of people — including this writer — have seen the value of their homes drop, and those who have to sell quickly won't get the price they expected two years ago. Is there anyone who did not think that eventually housing prices would deflate? Is there a new law of economics that says: What goes up cannot come down?
The boost in the foreclosure rate to close to 2.5 percent shows the raw side of a market correction made worse by shabby lending practices that lured some people to buy homes they could not afford. Some families will experience the heartbreak of losing those homes, but also some families who had been priced out of the market now can reach for that dream. Thanks to improved federal regulations, they stand a better chance of holding onto it.
Yes, there is bad news. The stock market is down and the housing market likely won't begin to bounce back this year. The federal deficit is expected to hit $400 billion this year. Worse yet, Washington has promised Social Security and Medicare benefits without paying for them. As a result, according to former Comptroller General David Walker, every American owns a $175,000 share of Uncle Sam's unfunded liabilities.
Health care costs have soared — and that has made it more expensive for businesses to operate and governments to provide services. It doesn't matter that people with cancer and other serious illnesses stand a better chance of beating the disease, and enjoy a higher quality of life. Americans expect health care costs to rise more slowly, even if they are getting considerably more effective care. And it doesn't help when some adults have to work two part-time jobs to make ends meet, but don't qualify for health care insurance at either.
Do I worry about where this country is headed? Who doesn't? But what concerns me is that Americans keep expecting more goodies from their government — with someone else always paying for it.
The other thing that worries me: We have no idea how good we have it.
E-mail Debra J. Saunders at dsaunders@sfchronicle.com. To find out more about Debra J. Saunders, and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.
COPYRIGHT 2008 CREATORS SYNDICATE, INC.
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4 Comments | Post Comment
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Yep, life is good, and we should be thankful. You didn't mention to whom, but from the tone I surmise you are talking about those brilliant right wing leaders you so admire. As Phil Gramm pointed out, we're just an unappreciative nation of whiners. Whining about how Europe and Japan have nice bullet trains and we don't, how many of us don't have and have no prospect of getting health insurance, how many of us are unemployed, how our corporate leaders are turning the planet into a garbage can, how many of us are actually losing their homes instead of seeing the value of their homes go down a little as is apparently the case with yours, how thousands of Americans and that number multiplied by a factor of at least ten have been killed in a war that never had to be fought, how we have become known as the country that officially endorses torture as a way to get things done, how the nation's current leaders haven't a clue about how to get the economy out of its current tail spin, how the media have lost their ability to engage in journalism in favor of doing the cheer-leading thing, etc. ....................................................................................................................................................................................................................................................................
Thank you Debra, for that uplifting message. .....................................................................................................................................................................................................................................................................
I prefer to thank God, not our ersatz leaders, and I continue to thank God for giving us this beautiful planet, and in particular for giving us Americans this beautiful country which represents some of the very best the planet has to offer, for blessing us with the beautiful forests, rivers, animals, and resources we have, and for giving us the opportunity to show our appreciation by treating all of these blessings with the respect they and their creator deserve. Too bad we're so busy breeding like rats, stuffing ourselves in front of oversized high-tech TV screens, and cashing the whole planet in for a few last bucks before we turn the whole parking lot over to our kids, that we can't find the ethics, morality, and spirituality to take advantage of that opportunity.
Comment: #1
Posted by: Masako
Fri Jul 11, 2008 10:20 PM
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You know; if capitalism is so good, great, and vital; why does it continually need to be hooked up to government life support? Do you think the cost of living is all in your head? If so then that is all you have in your head. The fact is that capital has begun to feed directly on the marrow of the people. It can no longer exist exploiting people with short wages, and no fringe benefits even with them paying all the taxes. Now it needs direct payroll deposites from generations no one can afford to see born. Every time they get an infusion of government cash it means we all have less of national wealth. If the rich want all the oil; give it to them or they will cry. If the want all the concession in our national parks, or want all the range land, or want the airwaves, and want a working infrastructure they then absolutely refuse to support, then let them have it or they will cry.... Marx said it right: Glut (meaning depression to you) is synonymous with high profits. High profits have sucked all the money and all of the credit and all of the government credit out of the public pocket; and there is still not enough to get us to work for short wages. So the government prints up money it doesn't have, to put in the pockets of people to buy goods, but with so many goods made over seas for high profits here, it does not do much good as harm. So, give it directly to the rich so they will stop their tantrums. ... You know what? It does not work. And they are cutting the guts out of the currency to try to make it work, and don't call that stealing, but it is. Capitalism does not work, so they are trying to move directly to chattel slavery. The economy ought to pay its own way. We all should not have to carry the economic system ten days to payday. If the rich don't want to pay their taxes to support their society tell them to get the hell out. If they want to bleed the government and all the people to death to stay looking fit tell them to get the hell out. If they want to export our jobs; export them. If they want to import cheap labor to drive down wages, drive them off. The one thing you can be certain of is that it is far worse than they let on. If spin and good memories and illusions and hope and propaganda are all that is keeping banks from falling like rain, and you can hear the voice of fear in your money men; its bad, and very bad, and worse. We have been running down a mountain on empty for many a mile, and now the brakes are gone You cannot draw more wealth out of any society than God and the working man can put in. Have a nice ride, spinner. I hope you don't get bored. Remember: Its all in your head. That's probably what's wrong with it. Thanks, Sweeney
Comment: #2
Posted by: James A, Sweeney
Tue Jul 15, 2008 8:07 PM
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"We have no idea how good we have it"? Ma'am, you just have no idea! Thanks, Sweeney
Comment: #3
Posted by: James A, Sweeney
Tue Jul 15, 2008 8:11 PM
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Re: Masako; Sir. Capitalism is our religion, and it would die without faith. Don't expect any more good sense, morals or ethics on the bottom than you can find at the top. Thanks, Sweeney
Comment: #4
Posted by: James A, Sweeney
Tue Jul 15, 2008 8:14 PM
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