The monetarists of the Chicago school of economics destroyed Chile's economy by 1989 with a right-wing ideology that privatized social programs, castrated labor unions, and promoted "free" trade by abdicating any responsibility to regulate the financial markets. Now they've done the same here, and the American wealth that hasn't been dissipated is mostly in the Caymans.
The government has lied for years about the unemployment rate: we have a glut of workers and surfeit of jobs that worsens with each generation. We lie about inflation: household debt levels are atrocious due to the increasing gap between living expenses and median incomes. The government lies about fiscal policy, lumping reserve fund and trust accounting into the budget, to gain public support to fight a "welfare state" that simply doesn't exist.
One real problem is "jobs, jobs, jobs" and has been for years. First the jobs left the rust belt for the sun belt; then they left the country.
One real problem is that we have abandoned capitalism in favor of oligopoly with a hereditary monied class. We have let Walmart destroy mom and pop, Toyota destroy General Motors, and helped Monsanto and ag-business destroy Old MacDonald.
One real problem is that we've all but destroyed the free press and flow of information essential to political and economic freedom. (I thank God for the power of text messaging!) We have sold our national conversation to the Moonies of the Unification Church, to the guy Mike Royko used to call "the alien" Rupert Murdoch, and we grant air and cable licenses to those whose profit incentives favor populist rhetoric over factual information.
One real problem is we've promoted a "strong" dollar monetary policy that undermines the long-term best interests of our people, encouraging reckless reliance on imported fossil fuels and imported goods to the detriment of our own citizens.
Tinkering with monetary policy can't pull the nation from this recession; Neo-Keynesian policy offers the greatest chance of minimizing the coming depression. Some of the pain this entails should borne by those who profited the most under the policies that favored capital over people by putting a sensible tax policy back in place. Some of the impetus can be made by shifting expenditures away from things that harm our citizens' long term interests into spending that builds our economy from the bottom up.
Regardless of the toxic debt our new president inherits, some government deficit spending is inevitable for the next few years. At least the spending THIS time will build a better U.S.A. for my sons.
From the Naples Daily News today:
I, too, am a pro-life Catholic. That is one of the three main reasons why I am voting for Obama.
Many young couples face doctor & hospital bills for pregnancy that are more than half of their take home pay for a year. More families than ever have no insurance & don't qualify for help. When I was a corporate controller twenty years ago, the cost of adding maternity benefits to our health plan was a scandal, and it's gotten worse. Pregnancy issues consume nearly half our annual national health bill, with care for chronic conditions the balance.
I'm sick to death of GOP lip service to Catholics and the insistence of our bishops that overturning Roe vs Wade is essential despite fact that the issue is primarily an economic one. Even in the Philippines, Australia, and Mexico are liberalizing the law because people finally got sick of all the dead women and fetuses thrown in the trash. Women murder their children when they have neither hope or help to bear them; 85% of abortions here in the USA are for economic reasons.
We must take the health care burden off families. Our businesses need this burden lifted as well to be competitive in the world market and give us some hope of keeping a strong dollar.
Second, I'm voting Obama to restore our world reputation and our military standards that McCain's policies would continue to trash! Our young men and women are being abused by the GOP. We now let skinhead racists and people with criminal records into the army.
By most standards, we're already a second-rate for quality of life, health statistics, education... Today the AP reported that al-Qaida hopes McCain is elected so that they can further their agenda of bankrupting the USA and reducing our voice on the world stage to a third-rate nation. Remember, it worked in Afghanistan to destroy communist Russia, their competitor in the oil market.
Lastly, I'd like to remind my fellow Italians and our Jewish neighbors that our grandparents weren't "white" either in the 1920s and the same screams of "socialist" were hurled at them. Edgar J Hoover of the FBI and other racists said the same thing of us when we pulled together as a nation in the 1960s for civil rights. DO ALL OF YOU HAVE ALZHEIMERS????
When one party declares war on more than half of America, each one of us has the responsibility to stand up and denounce them.
The place we do that is the ballot box, with a vote for Barack Obama.