Should We Panic?
"Let's not all panic," says Michael Caine in the 1990 film A Shock to the System. "You, you, and you panic; the rest stay calm."
This line has been attributed to many different people but this movie is its source - as I well know, because I wrote it! But that's not the only reason I bring it up. Really. It also seems an apt introduction to this wonky but fascinating piece by NewsBusters' indefatigable Noel Sheppard. Noel does the math to determine that the government's current tax receipts are enough to insure that, if congressional negotiations fail and we hit our heads on the debt ceiling, it won't be the end of the world.
Will we have enough to meet all of our obligations? Certainly not. Like what's happened in the past, many government employees and contractors would be given IOUs. BUT, unlike what the Obama-loving media are telling people, we won't have to default on our debt, we won't have to forego payments to America's seniors, and we won't have to hold back the salaries of our military members in the field. Just imagine how much different this debate would be if our press were actually presenting the truth to the people rather than the hysteria-driving nonsense that's been on display of late.
Read the whole thing here.
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Nov '10
Re: Should We Panic?
So, if we hit the debt ceiling and the administration services said debt, the paymasters at Treasury will have a choice on how to spend the rest of its limited funds. They can pay the military and make good on our promises to seniors, or it can stiff those two groups and pay government employees. Gosh, I wonder which they will choose?
The former two groups lean heavily to the right and did not support BHO in 2008. However, scaring seniors has proved a good way to nudge them to pull the D lever. The latter group (BTW a category which includes the paymasters themselves) are historically strong supporters of the progressive agenda as well as BHO.
So with one choice they would disappoint loyal supporters of the administration, and with the other, they would deliver spoils to supporters and possibly fear-convert opponents to the progressive cause.
Sadly, it is not tough to figure out which choice will be made. They will be citing Mencken that their opponents should get what they asked for good and hard. As Sheppard suggests, absent an MSM that states these choices clearly, the administration has a great opportunity to cause mischief.
Mar '11
Re: Should We Panic?
Reminds me of a previous Podcast, where a British WWII saying was quoted - "Keep Calm and Carry On".
"Don't panic" has been is a favorite theme in British comedy, ever since. My favorite is Corporal Jones (sadly, the series never caught on in the US - it's humor is maybe too British).
Well, yes, it does seem like a no-brainer that the Federal Government could get by with less money - though, apparently, not to Mr Brooks, the admirer of sharp-creased pants and Big Government (not the Website).
May '10
Re: Should We Panic?
Narrative, panic, scare.
Rinse and repeat.
Unfortunately, it's not always ideological as it is a systemic flaw in the news business. Just read the want ads for the business. Here's a typical line from an ad:
Ability to show and tell compelling news story with strong visual elements
The budget is neither visual or compelling television, especially if you're allocating 1:25 minutes to it on a newscast. Therefore you need to tell a story with conflict, villains, victims and heroes. Add a reporter who doesn't understand the complexities of the budgeting process... disaster.
May '10
Re: Should We Panic?
Well one good Michael Caine-delevered movie quote deserves another. This one I think, sums up the Obama administration's view of the budget process and the precarious financial situation they've done so much to cause and then worsen. In the original "Italian Job" Caine is addressing a boardroom full of his crooks as they plan the heist - "This job requires teamwork and we all know what teamwork is don't we? It's everybody doing exactly what I tell them".
Re: Should We Panic?
Meanwhile, before I lose my flickering wi-fi, let me just add:
Do yourself a favor. Watch "A Shock to the System." It's just a fantastic piece of moviemaking, which as we all know starts with a magnificent script.
Among the many reasons I envy Drew Klavan: his dialogue has been spoken by the great Michael Caine.
Jul '10
Re: Should We Panic?
If by panic you mean, increase supply of weapons and ammunition, then maybe. If by panic you mean petition our representatives for relief, well, there is a word associated with doing the same thing over and over expecting a different result. On the tip of my tongue!