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Today the Standard & Poors "credit rating agency" borrowed a slick comedy move from Bart, Cleavon Little's character in Blazing Saddles. Specifically, S&P made a hollow threat to cut the rating of U.S. Treasury securities this morning---in effect, Wall Street holding a cap gun against its own head---which I assume is supposed to scare the President and the Democrats into doing whatever the right-wing deficit peacocks demand, such as abolishing Medicare and Social Security so rich assholes can have more tax cuts.Right on cue, naturally, lame duck Senator Joe Lieberman was on my car radio this afternoon spewing turgid nonsense about the existential threat posed by current US debt levels and why it's important to cap federal spending at some absurdly low percentage of Gross Domestic Product. (I can't find a link to this, so you don't have to listen to his putrid, quavering voice here.) Why do I call it "turgid nonsense"? Because like most talk about federal deficits and debt in the corporate media today (including NPR), the somber generalities preached by deficit peacocks immediately break down to gibberish when real macroeconomists insist that the discussion include valid historic data, meaningful contexts, and other scary evidence-based features.
Nobel macroeconomist Paul Krugman, for example, quickly authenticated this S&P stunt as another episode of Wall Street's tiresome Saturday matinee serial entitled Uncle Sam and the Phantom Bond Vigilantes. It's fair to ask why I might put stock in anything Krugman and other neo-Keynesians say. My reason is simple: because his analysis have been consistently correct (i.e., consistently predictive about what would happen to the economy in the future) since I started following his New York Times blog 5 or 6 years ago, around the time he was was warning readers about the runaway US housing bubble and related phenomena. And he always backs his arguments with verifiable economic data and simple numerical models that every economist and most people with a high school diploma can understand.

en I was growing up in Chicago, the must-see after-school show for kids of a certain age range was