Web Letters | The Nation

The American system of economics

I am in complete agreement with this article. I think both of the major political parties have sold out. It is particularly amazing that the so-called left, all over the world, have bought into neoliberal globalization.

Even Nixon was not dumb enough to attack Social Security. If the Obama Administration destroys or weakens Social Security, the Democratic Party will be dead meat in 2012. If nobody challenges Obama in 2012, I'm going Green! The Republicans will suffer too, if they bargain away Social Security!

It should be fairly obvious by now that the American people cannot buy foreign goods or "support" the world economy if they don't have jobs. It is also fairly obvious that "Free Trade" policies have outsourced jobs and allowed the economic elites to insource cheap labor to further drive down wages on the few jobs that have remained in the country. Since 70 percent of the American economy is supported by consumer spending, which is supported by these jobs, it is very obvious that the American economy is going down the toilet without those jobs! The same process is at work in the "formerly developed" western countries. Any country in a "free trade" will also go down the toilet. God help the country whose economy is based only on trade. They are at the mercy of economies over which they have no control. When their market goes down, your trade-dependent economy will also go down.

This is why the American economic system was developed. Beginning with Alexander Hamilton and formalized by Henry Clay as a system, it has been the policy of most of the major parties in the United States to create an independent industrial base, as part of an independent national economy, behind a protective wall of tariffs. The Federalists, the National Republican segment of Jefferson's Democratic Republican party, the Whig Party, the Republican Party and finally the modern Democratic Party all, at some point, supported an independent American economy. It is how we developed our industrial base and the jobs that came with industrialization. It is also how we can redevelop our country. Look up American System (economic plan) on Wikipedia for a mini-bibliography on national economics!

Neoliberial globalization is going to crash and burn. Other options are available!

Pervis James Casey

Riverside, CA

Aug 27 2010 - 4:40pm

Before commenting, please read our Community Guidelines.