Another important voice is warning of a slower economy and urging U.S. political leaders to recognize the severity of the situation. Although little known to American voters, International Monetary Fund Managing Director Christine Lagarde is a distinguished, powerful and neutral voice whose words should be taken seriously in Washington, and the substance of what she says should be a prominent part of the presidential campaign debates.
In an important speech to the Peterson Institute for International Economics, she warned of a global economic slowdown and even lower growth than economists predicted just six months ago. Lagarde is another credible outsider, with no stake in the outcome of the race between Mitt Romney and President Obama, who acknowledges the obvious in warning us about the consequences of the growing American debt and our neglect of our budget responsibilities.
Compare the sober and diplomatically polite but certain warning she gives to the world's political elite with the bewildering denial and deceitful nonchalance of Obama on “60 Minutes,” where he tries to dodge responsibility for 90 percent of America's debt. The president denies the extent of the debt problem, pretends that a punitive tax hike on a few is an economic plan and dithers while adult voices like Lagarde try to remind politicians like him of the reality of our grave situation.
The mainstream media can protect the president as long as he sticks to a script that denies any responsibility and simply attacks Romney, but serious voices are rising to warn America of the price that more neglect from the White House will force us to pay.