The U.S. social and economic landscape is rapidly changing. Inequalities in wealth, which began an upward ascent back in the 1980s, accelerated in the 1990s. Now they are flying off the charts, thanks first to the tax cuts ushered in by Bush II and second to Obama’s recent continuation of those tax cuts, plus more, which have the effect of taking from the working class and poor in order to give to the rich.
Reposted article by Phil Ebersole comparing President Obama with the Wizard of Oz.
Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived (tags)
"Alas, the Obama administration has backed the Geithner-Bernanke policy that “the economy” cannot recover without saving the debt overhead. The reality is that it is the debt overhead that is destroying the economy. So we are dealing with the irreconcilable fact that the Obama position threatens to lower living standards from 10% to 20% over the coming few years – making the United States look more like Greece, Ireland and Latvia than what was promised in the last presidential election. Something has to give politically if the economy is to change course. More to the point, what has to give is favoritism for Wall Street at the expense of the economy at large. What has made the U.S. economy uncompetitive is primarily the degree to which debt service has been built into the cost of living and doing business. Post-classical “junk economics” treats interest and fees as payment for the “service” for providing credit. But interest (like economic rent and monopoly price extraction) is a transfer payment to bankers with the privilege of credit creation. The beneficiaries of providing tax favoritism for debt are the super-rich at the top of the economic pyramid – the 2% whom Mr. Obama’s tax giveaway will benefit by over $700 billion. If the present direction of tax “reform” is not reversed, Mr. Obama will shed crocodile tears for the middle class as he sponsors the Deficit Reduction Commission’s program of cutting back Social Security and revenue sharing to save states and cities from defaulting on their pensions. One third of U.S. real estate already is reported to have sunk into negative equity, squeezing state and local tax collection, forcing a choice to be made between bankruptcy, debt default, or shifting the losses onto the shoulders of labor, off those of the wealthy creditor layer of the economy responsible for loading it down with debt."
The Democrats Prepare to Move Right (tags)
On the eve of the Republican-dominated mid-term election, working people were told to vote Democrat to prevent a "truly dangerous" Republican party from taking power. There is an element of truth in this: the Republican Party has been sprinting to the far right for decades, to the point where they are incapable of speaking sensibly about political issues. But in a close second place in this rightward scramble are the Democrats, who've spent decades racing into the arms of the corporations that dominate both political parties unchallenged.
French Lessons for U.S. Workers (tags)
The world watches as France once again erupts in protests, demonstrations, and strikes. So much is at stake. If France's corporate-dominated government is able to increase the retirement age, other governments will be empowered to follow through with their plans to do the same. If labor, student, and community groups succeed in stopping the pension reform -- or toppling the government -- workers in other countries will likewise be inspired to fight back and organize in the French fashion.
If the U.S. economy eventually recovers and current trends continue, U.S. workers won’t be celebrating in the streets. The corporate establishment has made it clear that a “strong recovery” depends on U.S. workers making “great sacrifices” in the areas of wages, health care, pensions, and more ominously, reductions in so-called “entitlement programs” — Social Security, Medicare, and other social services. These plans have been discussed at length in corporate think tanks for years, and only recently has the mainstream media begun a coordinated attack to convince American workers of the “necessity” of adopting these policies. The New York Times speaks for the corporate establishment as a whole when it writes: