Okay folks, I get it... Everyone wants to believe that the United States has never defaulted on it's financial obligations, but this fallacy goes too far when news organizations, such as Fox News did today, perpetuate the lie in print:
(red underline added by me)
Article here: http://www.foxnews.com/politics/2011/07/20/senate-republicans-show-flexibility-in-debt-debate/Above, Fox News perpetuates this idea that the United States has a perfect debt repayment record, but a simple Google search reveals the error in this assertion. In 1979, for instance, due to error more than anything else, the Treasury Department was late making payments on T-bills, resulting in late payments in excess of $100 million.
And of course, lets not forget the Joint Resolution To assure uniform value to the coins and currencies of the United States, signed in 1933, which refuted the concept of the Gold Standard. Again, Google it if you want to know more -- I've posted about it previously.
My point here is that if the media is pushing lies and misinformation such as this, they are doing more harm than good. Use your brains and think about what they give you -- don't just accept it as truth without questioning.
Again today, Fox News perpetuates the idea that the debt default faced by the United States is the "first time."
ReplyDeletehttp://www.foxnews.com/politics/2011/07/27/tea-party-activists-revolt-against-boehner-amid-debt-crisis/
"The Treasury Department says it will run out of money to pay all of its bills next week, meaning the government could face a debt default for the first time."
Do the authors of these articles even turn the ignition keys in their brains before they write???