Archive for November 16th, 2010

Betrayer-In-Chief

by lizard

A punch to the gut and kick to the balls.

That is what this administration has done by signaling yet another unbelievably spineless cave-in by continuing to use the deficit nuclear option with tax cuts to the rich (who are doing just fine) and the Debt Commission reporting their suggested slashes to the already tattered remnants of the New Deal.

This is class warfare, and the Obama administration isn’t even putting up a fight.

The last paragraph of Michael Hudson’s latest piece from Counterpunch is a good summary:

What we need is a Futures Commission to forecast just what will the rich do with the victory they have won. As administered by President Obama and his designated appointees Tim Geithner and Ben Bernanke, their policy is financially and fiscally unsustainable. Providing tax incentives for debt leveraging – for most of the population to go into debt to the rich, whose taxes are all but abolished – is shrinking the economy. This will lead to even deeper financial crises, employer defaults and fiscal insolvency at the state, local and federal levels. Future presidents will call for new bailouts, using a strategy much like going to military war. A financial war requires an emergency to rush through Congress, as occurred in 2008-09. Obama’s appointees are turning the U.S. economy into a Permanent Emergency, a Perpetual Ponzi Scheme requiring injections of more and more Quantitative Easing to to rescue “the economy” (Obama’s euphemism for creditors at the top of the economic pyramid) from being pushed into insolvency. Bernanke’s helicopter flies only over Wall Street. It does not drop monetary relief on the population at large.

As Republicans at the state and national level wring their hands together and snicker about the scorched-earth policy they plan to unleash on us, the Democratic leadership appears utterly incapable of clearly articulating what is at stake here. Whether this incapacity stems from incompetency or complicity is not important.

Tax cuts for rich people will bury us deeper in debt. Slashing health and human services will create a level of desperation unseen since the Great Depression. How much longer is this insane charade going to continue? In two more years we will be even more fucked over than we are now, which for those paying attention, is kind of hard to believe.

The cuts that will be pushed through are not just some abstract attack on the “social safety net.” It will result in the ACTUAL LOSS of REAL JOBS. Jobs, I might add, that help keep the seething masses from turning into Visigoths and Gauls tearing down the gates of Rome.

It’s like John F. Kennedy said: “Those who make peaceful revolution impossible make violent revolution inevitable.

And we all know what happened to him.

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