New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy
We have become a nation divided by ideology. Community vs individualism. Pride and honor vs avarice and power. Perseverance vs instant gratification. Federalism vs Confederacy. Republic vs Corporatocracy.
Capitalism has not only reached across the border, it has straddled it. The economic model of a national economy is fundamentally broken. American workers and American corporations do not function in the same economy. That has to be fixed before we can prosper again.
Capitalism is not a form of government, no matter how many people try to make it one. It is a culture of competing and conflicting self-interests, not leadership. Under the domination of conservatism, we surrendered the initiative to others. The future went from 10 years (Space Race) to 3 months as we became fixated on quarterly profits. Economic myopia.
We need to develop new industries and oil independence, but conservatives resist. For 10 years, we tried the conservative approach in it’s extreme. Environmental law, anti-trust law, regulation, and budgetary restraint were all sacrificed in the name of conservative-style economic growth. And what did we get for it? Private sector job growth in decline for 10 years. Bush43 created only 3m net jobs, the worst performance on record. Wages stagnated, fraud flourished, the economy weakened and inevitably fell into recession.
We have a private sector that cannot get out of it’s own way. Banks rushing to foreclose on properties they cannot prove they have a legal right to foreclose on, using bogus documentation, driving down the value of the property they are ceasing – trampling due process and individual rights in the process.
If we are to recover from this recession, if we are to create meaningful numbers of new jobs, we need new industries and modern infrastructure. We need to recognize the limitations of capitalism, and adapt accordingly.
- “Johnston: Scary New Wage Data” and related posts (taxprof.typepad.com)
- Mitchell Bard: A Short and Clear Guide to What a Midterm Vote Really Means (huffingtonpost.com)
- Millionaires on Unemployment? There Must Be a Better Way (dailyfinance.com)
- Why growth still feels like recession | Dean Baker (guardian.co.uk)
- Obama’s New Villain (thedailybeast.com)
- Ben Nelson’s misplaced priorities (washingtonmonthly.com)
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