{Empty title} | The Nation

I don't get the claim that more debt will get us out of our miserable financial bind. With or without jobs programs, we owe more than we ever have before, much of it to China. Inevitably, debts lead to inflation, as interest rates must rise or we can't to borrow more--just to pay the interest already owed, for pity's sake.

No one buys US government bonds that pay little or no interest. Average Americans can't afford to, even if the bonds paid double-digit interest. We're too broke paying either health insurance, health bills or both--plus housing costs that take an average of half our income, not the required third to make us solvent. Foreign governments don't want to buy our bonds, when they can make more speculating on other investments. So governments want inflation/higher interest rates, to get other countries to buy their/our debt as an "investment."

Once interest rates rise, inflation once again cripples our economy and poverty rises exponentially. We can't reverse that until our wages match inflation. Right now, we can't even get government to admit there's inflation left over from before interest rates for banks fell to zero!

So what kinds of jobs will we demand, and get, and at what wages? Current wages are simply making average Americans fall farther and farther behind. Building the infrastructure would be nice, but if the jobs are non-union with private contractors, will those inadequate wages even help?

There's no will in our bought-off Congress to reduce the waste in healthcare by cutting off profiteering private insurers. Nor to stop wasting billions on two wars and countless military bases and mercenaries to undermine countless countries' democracies if they support labor.

Lousy wages for corporate profit left millions of households drowning in personal debt. Well, that, and the "I've gotta have it now, even if I end up paying twice as much with interest later, what the hell, my thirty-year balloon mortgage investment will triple someday before I retire without a pension" mentality. Add the stranglehold of the health, financial and military industries on our Congress, and we're simply sunk.

Capitalism is an endless cycle: profit, debt, inflation, recession, depression, demands half-met with higher wages, more inflation to capture those higher wages for the usual suspects' usual "investments": land, resources, war.

We need a green peaceful industrial base, organized labor (what the hell happened to the Employee Free Choice Act?), affordable housing (not even discussed by progressives anymore, rather than home-buying as an "investment" for tax-shelter and profit), and singlepayer health care, or nothing changes. Anything less is merely rearranging the deck chairs on the Titanic.

And we get nothing we need so long as we have an Imperial Senate, where bought-off senators of states that total a whopping 10 percent of the nation can destroy any of those policies.