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 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 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

AMonomaniac with a Bad idea-Bush against the Economy

by Yosef Mikhah Friday, Jun. 13, 2003 at 8:27 PM

Bush and the economy

In Defense of Marxism-

Workers International League-

A Monomaniac with a Bad Idea: Bush Against the Economy

By Yosef Mikhah

In class society, possessing wealth and power does not generally encourage candor. Those who rule, making decisions by themselves that affect the rest of us, can hardly admit that they hold power illegitimately, without our consent. Occasionally, though, the truth comes out; and at times the bourgeois press carries an account of how things really are.

One example of this is Harold Meyerson's essay in The American Prospect, "Squandering Prosperity," an examination of George W. Bush's handling of the economy. Meyerson is a liberal journalist; his research enables us to draw some general conclusions about the effect the current Bush presidency has had on working people, and that effect has been catastrophic.

Meyerson's data give us a snapshot of capitalist society: the rich grow even more prosperous, while workers suffer. Consider:

* Profits and productivity have risen; employment and wages are falling.

* There are now officially 8.8 million jobless, fully 6 percent of the workforce.

* 2.6 million private sector jobs have disappeared during the current Bush presidency, a loss, every month, of 69,000 jobs.

* 3 million Americans have joined the ranks of the unemployed since George W. Bush's inauguration. No president in the past seventy years has experienced a net loss of jobs while in office, except Bush.

* Job loss occurs primarily in manufacturing: since July 2000, 2.2 million manufacturing jobs have disappeared. For 33 consecutive months, the number of jobs in manufacturing has diminished, a record not equaled since 1945. The jobs that remain are found in the service sector, where salaries are much lower.

* Nor is this situation likely to improve. A nearly 2.5 percent increase in worker productivity means that employers can continue to produce more goods without taking on additional help. In addition, state governments can expect zero dollars and zero cents from Federal sources, as administrators at the state level try to deal with deficits of billion this year. These tens of billions will be subtracted from funds supporting health care and public education at all levels. Public sector employees will, involuntarily, do their part in solving the economic crisis by losing their jobs to layoffs.

Meyerson's conclusion is that Bush the manager has garnered "the worst economic record of any president since Herbert Hoover." He characterizes the Bush economy as "a slow 1929," that is, a situation of negligible economic growth and immense human suffering. As debt and deficits achieve unparalleled levels, Bush's only "solution" for the economy is to cut the taxes of the extremely wealthy. It is remarkable that Bush embraces a policy whose failure is a matter of public record: since a .6 trillion tax cut was passed in 2001, 1.7 million jobs have disappeared. The economic situation of working people is catastrophic, and Bush's policy is completely ineffectual. Writing about Bush's infatuation with alleviating the tax burden of the super-rich, Meyerson calls the President "a monomaniac with a bad idea" and concludes that Bush's refusal to consider any other strategy for economic recovery is "directly responsible for the increasing longevity and severity of the bust."

Bush's response to the slow but steady approach of a fiscal crisis shows that he considers it his job not to promote recovery, but to use every opportunity to shrink the public sector. According to Paul Krugman in the Times, this is the motive for this year's 0-billion-plus tax reduction, Bush "is deliberately setting the country up for a fiscal crisis in which popular social programs could be sharply cut." What will happen is that taxes will be lower in comparison to GDP, than in the fifties, leaving the Federal government unable to maintain Medicare, Medicaid, or Social Security. Slashing these social expenditures will directly impact workers and the poor, as the apologists of capital explain that they had no choice but to abolish the programs on which most of us depend, given the scarcity of public funds.

This, too, is catastrophic, since it means that during economic downturn or personal misfortune, we will have literally nowhere to turn. We will have to accept the minimal wages offered us, or starve.

It is, therefore, no exaggeration to say that the Bush administration is orchestrating an attack on the working population, on our class. This attack has probably gone unnoticed. Most people, distracted by the 9/11 tragedy, by a flood of frightening news about terrorism, and by Bush's unending wars, are unaware of how fiercely their economic interests are being assaulted by the ultra-right ideologues in the White House.

The tasks of Marxists, in response to this latest ruling-class offensive, are clear: we must say what is, call things by their names, and tell the workers the truth, no matter how bitter it may be, in order to build a proletarian organization fighting for an end to the irrational boom/bust agony of a dying, exploitative economic system. The working class can do better; Bush, and the class he represents, will not.

May 2003.

See also:

Corporate corruption and the Bush administration By Mick Brooks (June 2003)

The cost of more Guantanamos By Michael Roberts (April 28, 2003).

The world economy after Iraq By Michael Roberts (April 27, 2003).

Class War Heats Up in the US. By John Peterson (April 10, 2003)

[Back to In Defence of Marxism][Back to US]

Report this post as:

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM


lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

Paraphysique de psychosomatique S22 6:58AM

Chuck Grassley: Women Abusing, Animal Murdering, Illegal War Supporting Criminal S22 2:58AM

Finance Capitalism and the Digital Economy S21 4:45PM

Muselières syndicales, muselières patronales S21 7:19AM

Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc S21 2:50AM

Why Choose Nut Milk Over Cows' Milk S21 1:01AM

Antrhopocène, le grand effondrement S19 9:53AM

Creative Destruction Hack Diamonds Windows/iOS/Android - Creative Destruction Generator S19 12:51AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Creative Destruction Hack Mod Generator S15 3:49AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Propagande de virus, virus de propagande S10 7:34AM

Steer clear of work morality! S09 12:10PM

Sweatshop Lodge Ceremony Continues in US Fed Prisons Led by Inmates S08 6:17PM

Paraphysique de l'origami S08 7:11AM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Du réussissement putréfié S06 10:55AM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Log S06 4:25AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

More Breaking News...
© 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