$10 trillion of corporate debt propping up the economy? What could go wrong?

Let me get this straight …

We’re in an era in which corporations are given every conceivable break to do whatever the hell they want and barely pay for it. And they’re still borrowing so much that they’re getting BBB ratings?

So when the next recession hits, the government and corporations will have already gone so deep into the red that no rational person will lend them another dime?

Yeah, this’ll end well.

This news comes to you from The Washington Post, and whatever you think of Amazon’s business practices, at least Jeff Bezos is keeping such reporting alive. Similar stories are at NPR and the Financial Times.

creativity, journalism

Policy wonks take it seriously – punditocracy doesn’t

I’m sure people would have plenty of opinions about this economic idea — instead of a cumbersome safety net of Social Security and so forth, make sure everyone has a minimum income. They call it Universal Basic Income.

What interests me about it? If the story is accurate, then this is an idea that, within policy-wonk circles, can at least serve as a starting point for discussion. It’s an idea taken seriously by economists from divergent schools of thought.

But what happens when you take that idea into the mainstream media and cable punditocracy? “LIBERAL *%$!”

Not sure anyone will make any progress when our media — and society at large — are so hostile to ideas.