Post Finance Columnist Fawns over Hillary Clinton
Singletary echoed what other journalists have said: "for those struggling financially, it doesn't matter if economists call it a recession or not." She approved Clinton's use of "the 'R' word," adding, "you can't heal what you won't acknowledge."
Declaring âhistory has shown that tax cuts donât cut it as the major driver of economic stimulusâ â ignoring many economists who say the opposite â Singletary laid the foundation for effusive praise of Clintonâs ideas. Those ideas included a âcommunity support fundâ of up to $5 billion in taxpayer dollars âto assist hard-hit communities and troubled homeowners.â
The initiative Singletary was most excited about was taxpayer-funded financial counseling. She quoted Clintonâs list of many types of debt plaguing Americans, from credit cards and student loans to mortgages and medical debts.
âClinton isnât as radical as I am in declaring that there isnât any good debt,â Singletary wrote, âbut she gets that debt has become a dangerous trap for far too many people. Itâs important that whoever is our next president be highly sensitive to that fact.â
Those whose lives and careers have advanced through education might not agree that all student loans are bad. Those who needed a credit card to make an emergency purchase might not agree that all credit card debt is bad. Millions of homeowners probably wouldnât agree that all mortgage debt is bad.
With millions of individual situations, itâs impossible to equate medical debt with credit cards, mortgages and student loans. There are those for whom debt is a âdangerous trap,â and there are others for whom it isnât.
Debt has become a highly politicized issue, as the Business & Media Institute documented in an in-depth study of media coverage. That study, âDebt: Whoâ$ Responsible?â found 62 percent of network news stories ignored the borrowerâs responsibility. In fact, lenders and related companies were blamed for borrowersâ debt troubles six times as often as borrowers.
Clintonâs idea to have responsible taxpayers help bail out their debt-ridden neighbors deserves a much more objective analysis than Singletary gave it.