Bad news doesn't always travel fast.
In addition to bad news not always traveling fast, we should add honesty, which seems to trail even further behind. We are in the midst of both ends of this conundrum this week. On the one hand, the White House gloated about signing up 7.1 million people to healthcare plans, but in the same breath, the White House said they do not monitor how many people have actually paid. It is even tougher trying to get an honest reply of the number of Americans that did not have healthcare before the law passed, who are now blessed to be covered.
Premium hikes, large deductibles, and fewer options are the kinds of boondoggles that slowly erode the base and retard any good points of the law, which is still roundly rejected in opinion polls. Remarkably, we watch mounting disasters like the healthcare law, the mountain of government debt, and the Fed balance sheet that is like an economic Yucca mountain, because they move so slowly. The risks are clear, but the hammer is not coming down tomorrow. (I have always thought it a mistake for conservatives to talk about America collapsing tomorrow as if we are Greece. The Greek turmoil should serve as a cautionary tale; it took thirty years of socialism before they slipped into the Mediterranean, only to be bailout twice.)
On that note, I think there is time to reverse or mitigate the worst damage, although if current ideology continues to 2020, we will probably hit the point of no return, or the ultimate hard landing.
If America, as a people, suspends disbelief long enough to become a lumbering giant, incapable of returning to greatness then that is our (collective) fault. There is a difference between that and woeful indifference, however. Moreover, there is also a difference between all these things and criminal neglect.
That is the situation General Motors and the National Highway Transportation Safety Administration find themselves in. Yesterday, it was Mary Barra's turn to face the music.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 1st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 31st, 2014 | John Ransom
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