Bill Black: Robert J. Samuelson tries to create a moral panic about deficits

By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives.
The Washington Post leads the pack when it comes to generating what scientists term a “moral panic” about budget deficits.  As part of that effort they generated the series of myths that Paul Ryan was “serious,” “courageous,” and “expert” about “solving” the “deficit crisis.”  The newspaper’s theme is that anyone who doesn’t fall for their effort to create a moral panic is not “serious” and should be ignored.  The paper runs a column by Robert J. Samuelson that is devoted to generating a moral panic about the deficit.  Like Ryan, his central targets are imposing austerity and cutting Social Security, Medicare, and Medicaid.

Samuelson’s latest column claims that President Obama and Governor Romney are lying to the nation because they have not sufficiently embraced the moral panic as the transcendent campaign issue that will determine America’s future.  Samuelson demands the candidates implore the American people to urgently adopt austerity and attack Social Security, Medicare, and Medicaid.