When we look at Obama's "Wall Street economic advisers," it is hardly surprising that we are seeing attacks on social safety nets for the ordinary people. We can't afford Social Security, Medicare or Medicaid, but we can afford to bail out investment banks and multinational big business that caused the current recession/depression. Indeed, we need to cut entitlements, so that the same people who caused this depression will have the confidence to back government bonds at "reasonable" rates. The traditional American approach to businesses that are "too big to fail" was antitrust action to break them up.
Instead, failed investment banks are swallowed up by banks who haven't been caught with their hands in the till. Can there be any doubt about who owns or owned both the Obama amd Bush administrations?
Look what is happeneing in Europe! Spain has 20 percent unemployment, Portugal and Greece have debt. Do they stimulate the economy through job creation? We know that jobs support 70 percent of the American market and over 60 percent of the developed West European markets. Modern developed economies are supported by the wages of ordinary people who buy the products and pay taxes. Does cutting jobs and benefits to give confidence to markets that produce nothing but recessions/depressions make any sense?
Instead we see the IMF and the EU officials forcing governments to balance their budgets by cutting jobs, wages and benefits, so financial markets will have the confidence to increase the national debt in these countries. It is fairly obvious that, along with "free trade" to break down borders, outsourcing industries and jobs for cheap overseas labor, insourcing cheap labor to drive down wage internally and to eliminate national social protections ordinary people acquired over time, the economic elites are trying to create a two-classed society consisting of the very rich and the working poor.
These people are not in the twenty-first century. Their vision is in the nineteenth century and shaped by Social Darwinists like Spencer, Ricardo, Malthus and Galton.
Pervis James Casey
May 28 2010 - 5:24pm