Financial alliteration or economic obfuscation?

From King W. in his press “briefing” on September 20:

The deficit, as a percent of GDP, is low. It’s lower than the 30-year average.

Sounds great! Our federal financial house is in better order than it has been in 30 years!

Maybe not:

WASHINGTON (AP) — Treasury Secretary Henry Paulson told Congress on Wednesday the government will hit the current debt ceiling on Oct. 1. He sought quick action to increase the limit, saying it was essential to protect the “full faith and credit” of the country, especially at a time of financial market turmoil.
The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.

Boy, I wish I could just “increase my debt ceiling” and avoid all those pesky financial restrictions on my life…  Read more 

What they don’t talk about is a dirty little secret everyone in Washington knows , or at least should. The vast majority of economists and budget analysts agree: The ship of state is on a disastrous course, and will founder on the reefs of economic disaster if nothing is done to correct it.

Yo! CD, what’s the skinny on this? Aside from we’re FUBAR. Where are the leverage points politically? How the hell do we conceive of politics at the bureaucratic level? None of these people are elected? This is starting to look a lot like the Donation of Constantine – the clerics are running the country. OK you were right.  Read more