BCT Editorial – 7/11/08

This page was last updated on July 13, 2008.

Dream weavers; Editorial; Beaver County Times; July 11, 2008.

The editorial subtitle is “Candidates, voters won’t face the truth when it comes to taxes, spending.”

The editorial describes Bill Gross simply as a “[b]ond investor.” That’s true as far as it goes, but Mr. Gross is founder and co-Chief Investment Officer of PIMCO, “a leading global investment management firm with more than $800 billion in assets under management as of March 31, 2008.” According to Forbes, Mr. Gross has a net worth of about $1.3 billion. The editorial also fails to note Mr. Gross is a Barack Obama supporter and contributed $4,600 to the Obama campaign back in April. Mr. Gross claims to be a registered Republican, though I find it hard to believe a true Republican with core conservative principles could support Mr. Obama or any leftist.

Despite what the editorial says in the fourth paragraph, the first paragraph of the Gross letter is the real reason the Times bought in. “You [Barack Obama] have inherited a mess. Your predecessor, fixated on emulating a former Republican icon from a far different economic era, chose to emphasize tax cuts for the rich and excessive consumption for all Americans. He promoted deregulation and free markets when, in fact, the markets and their institutions needed tough love. Over eight years, he failed to put forth a coherent energy policy. He needlessly invaded Iraq and lowered worldwide esteem for this nation as a symbol of freedom and benevolence.” If you didn’t know any better, you’d think this came straight from the DNC talking points memo from the last several years.

The fifth paragraph of the editorial is completely misleading. It claims the “high price tag” will be “$1 trillion.” In fact, the “$1 trillion” is the deficit Mr. Gross alleges Mr. Obama would run up. Specifically, Mr. Gross wrote, “Your [Barack Obama’s] administration will produce this nation’s first trillion dollar deficit!” If you follow Times editorials, you recall they routinely cry crocodile tears about profligacy at the federal level. You didn’t read about any of that in regard to Mr. Obama’s taxing and spending plans, did you?

In any case, this editorial isn’t about warning us about campaign promises. It’s all about giving Barack Obama cover for when he jacks up taxes, spending, and the deficit. After all, the editorial is based on a “letter” written by a Barack Obama supporter.

Finally, the editorial quotes the Gross letter as stating, “there is in fact not much that you [Barack Obama] or any other President can do.” Hmm, one President can allegedly drive us to Hell, but another couldn’t bring us back? As I wrote above, it’s about giving Mr. Obama cover for when his plans fail should we elect him President.