(Think Progress) -- Time Magazine is lying to you.
The cover of the venerated publication’s newest issue sports a shocking warning with an all-red klaxon cover that shouts: “DEAR READER: You owe $42,998.12.” The article in question, by gold-standard quack and dad-bod analyst James Grant, argues that America’s national debt is so large that our government must stop spending so much money.
This is false. The world’s investors continue to give us their money for historically low prices. The national debt never has to be repaid in the credit card-style manner the cover implies. And trying to do so would be economically disastrous for the entire world’s population, both the tiny fraction who are rich and the many billions who are clawing for a dignified life.
Advertisement - story continues below
Putting that cover on newsstands in 2016 is the journalism equivalent of Ted Cruz’s campaign dressing up its fundraising emails as formal past-due notices. It’s a simple con: Alarm the eye, shock the brain, and collect a few nickels from the stunned rube who falls for it.