We had a server outage, and we're rebuilding the site. Some of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Which Direction is the US Heading?

by Norbert Rost Saturday, Feb. 01, 2003 at 9:25 AM
mbatko@lycos.com mbatko@lycos.com

For non-economists, income millionaires obviously have much less reason to spend this extra money than households keeping their heads above water with several jobs.. When Bush began his term of office, the Budget Office forecast surplus of $3 trillion..

Which Direction is the US Heading?

The economic program of President Bush benefits the rich and expands the gigantic debt burden of the US

By Norbert Rost

[This article originally published January 9, 2003 in the cyber journal Telepolis is translated from the German on the World Wide Web, http://www.heise.de/tp/deutsch/inhalt/mein/13921/1.html.]

The president of the United States of America, G.W. Bush, launches a much greater and more daring economic program than undertaken in the past. The cost is $674 billion spread over the next 10 years. The effect of the economic program is certainly controversial.

Critics like the Citizens for Tax Justice reproach the US president for giving tax gifts mainly to the super-rich: “68% of the tax relief goes to the top 1% of taxpayers with an average income of $1.1 million a year. They will save $16,000.” For non-economists, it is obvious that income millionaires have much less reason to spend this extra-money than for example households keeping their heads above water with several jobs. Thus a stimulation of the economy on account of this economic program (that also especially supports married couples with children) is at least questionable.

Why no one seriously asks about the origin of the money is even worse. The FTD reported at the end of October of the gigantic budget deficit of the US. The huge debt mountain amassed by the greatest economic power of the world amounts to almost $6000 billion, more than $20,000 for every US citizen at the beginning of 2001. When president Bush began his term of office, the Congressional Budget Office still forecast a budget surplus of over $3 trillion.

That was before the first tax cuts and the war against terrorism. In the armament-rich 2002, $158 billion was given to these projects. The tax gifts of the planned economic program make the hole greater, not smaller. On January 6, 2003, the debt condition of the US amounted to $6,383,514,236,076.15.

The US economic system has tottered despite much positive news. However the economic journalists prefer hoping for new soaring flights of the stock market than scrutinizing situations. A tottering economy, tax reduction programs and more military spending (weapons, secret services, war) hardly bring new money into the treasuries.

We must either accept great and increasing budget deficits or draconian cuts in national programs not connected to homeland security. This is the implication.

Robert D. Reischauer, president of the Urban Institute and former director of the Congressional Budget Office

The US doesn’t have many possibilities for collecting revenue. First, there are the money printing machines. Driving inflation makes sense from a US perspective since firms and private persons are hopelessly over-indebted, not only the state. For debtors, this means they can pay off their debts more quickly. Everyone recalling the stories of laundry baskets full of money knows what inflation can inflict.

Since the US economy and its money economy have massive influence on the rest of the world thanks to globalization, non-American journalists should
ask in the interest of the people whom they inform: Quo vadis, USA.

Report this post as:
Share on: Twitter, Facebook, Google+

add your comments

© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy