Most Americans still think that the bailouts of the banks, the auto companies and American International Group will wind up costing taxpayers hundreds of billions of dollars. In fact, the latest guess is that the government will come out even on the deal, and may even turn a profit.
Many Americans think that the economic stimulus package has been a failure. In fact, the estimates from a wide range of experts say the stimulus has saved or created more than 3 million jobs.
Many Americans believe their federal taxes have gone up in the past two years. In fact, for 90 percent of households, taxes were temporarily cut.
After the headlines of the past few weeks, most Americans probably think government has been able to do little, if anything to stem the tidal wave of foreclosures. In fact, over the past 18 months, two mortgages have been modified to avoid foreclosure for every completed foreclosure. – Steven Pearlstein
It’s nice to see a major newspaper publishing the facts of our economic reality, even if it is in a lament about how people don’t know the facts about our economic reality. And even if the paper seems to ignore any role it may have played in failing to effectively propagate the facts of our economic reality while people were establishing their beliefs about it.Mr. Pearlstein’s article is descriptive, rather than prescriptive. He, in effect, says “I don’t have an answer, but I certainly admire the question.” This is not helpful.
What is helpful is illustrating what has been done as clearly as possible. Perhaps, then, even pointing out that the good things that have been done have been done at the hands of those serving in public office today, and over the vociferous objections of the minority party.
But what do I know, I’m just a blogger.