On Another Note

N.B: The months of blog hiatus brought with them many pent-up thoughts about a range of topics. Rather than trying to force some context onto the site so that I can work off a foundation of ideas, I am just going in, particularly because I need to get back into a rhythm as a writer. So be warned.

The wasteful debt-ceiling wrangling wears on, and both media and politicians perpetuate the canard that this fight is worthy of the resources it has consumed. No one believes that as a long-term strategy, outpacing revenue with spending is a good idea. However, sustained stimulus spending in its many forms might be a necessary step backward in the short term to facilitate two steps forward later on. That is debatable, but it's a credible discussion. The notion that the debt-ceiling can only be raised if it is accompanied by deep spending cuts so that jobs can be created again is just nonsense.

The real fight should be, and should have been, over job creation. Politicians are generally cynical and motivated by the self-interest tied to reelection, so while I am frustrated that the primary problem has been relegated to the heath, I understand why. Similarly, national television media fight for advertising dollars; informing the public is no longer a true priority. "Breaking news" has become synonymous with perpetuating hysteria, all with the intention of getting people to watch a few more ads. So again, I understand why the media coverage of this fight has been so far off from what actually matters.

Acknowledging the sorry state of affairs in this country does not excuse neglecting true ailments, though, and that is why the deficit-reduction farce is consuming and dispiriting. With a stagnant economy characterized by growing inequities between the top wage earners and everyone else, by a mythical "rebound" that has carried corporations and oligarchs to profit but left everyone else behind, by unemployment that is demoralizing, the real fight should be over how America manufactures new jobs. Apple now sits on $72b in cash after another record quarter, and across the board, large corporations are again making money. However, they are not spending it in meaningful quantities on new jobs and new industries. And after winning a presidential election by promising that he would lead steps toward expanding a green economy that would transform the national energy portfolio, Barack Obama has perpetuated the status quo.

So the real source of all the recriminations and doomsday news coverage should be this simple question: why isn't the corporate sector spending its money on job growth? And people who care about America even pretending to fight off its steady decline should be wondering why no one is hammering home this point. Rather than invoking misleading sham economics to argue about an all but compulsory budgeting measure, politicians should be engaged in an effort to create new jobs. Reform the tax code to provide incentives for spending in growth industries. Manipulate Fed policy to push money through banks to businesses that might actually use credit. And apply some pressure in every way to the large companies that find it more profitable and prudent to buy back stock, deposit cash, and make internal improvements that do not yield new jobs, new products, or new ideas.

Taxes, forever the boogieman cited as the reason businesses can't lead growth, are as low as they have been in 61 years. However, the economy is also as bad as it has been in about as long. Raising the debt ceiling while cutting the social safety net that helped make the United States a superpower is not going to foster new industries or restore lost jobs.