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CBS' White House correspondent Chip Reid is turning to advocacy journalism. He did not even countenance a Keynesian analysis that deficit spending is needed to boost aggregate demand in recessionary times. For Reid, federal borrowing is ill-advised plain and simple. Barack Obama "will shine the spotlight on two tough issues—Afghanistan and jobs—that have one thing in common. There simply is not enough money to pay for what he wants to do."
Reid reported that, since taxes will not be raised, borrowed money will be used to pay for war. Furthermore "business leaders will push for tax credits while unions are expected to support more stimulus spending" to subsidize hiring. "Both would add to the deficit." Then Reid found a third reason to expect the federal government to increase the National Debt. He called healthcare reform a "potential budgetbuster" flatly contradicting President Obama's pledge that any bill he signs will reduce deficits. What evidence did Reid cite to have us disbelieve that promise? "Polls show most Americans do not believe it; neither do Republicans."
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