August is upon us and here's what's in store: the U.S. defaults on its debts if Washington can't agree to raise the country's debt limit by August 2 (more on this in a moment), the job numbers will remain terrible, political posturing and partisanship gets more toxic, the economy testers and the courts slowly twist the noose around Dodgers co-owner, Frank McCourt's, neck, probably a good thing. There's more but I refuse to be the bearer of bad tidings.
Here's the point. Where's the truth? Better yet, who's telling the truth? The Chairman of the Federal Reserve and the President tell us that default would destroy our credit rating, hike interest rates for everyone and make it very difficult for the U.S. to pay its bills. Social Security, Medicare, interest on the debt, veterans benefits, military pay and more would all be at risk. Their foes say that default is not that big a deal. They claim that enough money comes in every month for the government to pay some bills and treasury "just has to prioritize." When I was coming of age, a mostly strong and honest press would've cut through the claims and brought us close to the truth. Not anymore.
The pro-argument and the con-argument count for the same, especially if the two sides are frothing at the mouth. It's called "good TV". The jobs reporting is even more dishonest. The claim: cut taxes on the rich and the "job creators". Problem solved. Truth is, millions of jobs are never coming back. Technology has made it possible to produce more with less workers. We are a consumer society that doesn't build much anymore. But here's what else is in store. August is always the most summer of all months. Bright, hot days, balmy nights, spirit rejuvenators that will will help get us through all of the above. AND THAT'S THE TRUTH!
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