Best of the Week
Most Popular
1.Putin’s World: Why Russia’s Showdown with the West Will Worsen - John_Mauldin
2. Stocks Bull Market Grinds Bears into Dust, Is Santa Rally Sustainable? - Nadeem_Walayat
3. Gold and Silver 2015 Trend Forecasts, Prices to Go BOOM - Austin_Galt
4.Gold Price Golden Bottom? - Toby_Connor
5.Gold Price and Miners Soar on Huge Volume - P_Radomski_CFA
6.Stock Market and the Jaws of Life or Death? - Rambus_Chartology
7.Gold Price 2015 - EWI
8.Manipulated Stock Market Short Squeezes to Another All Time High - The China Syndrome - Nadeem_Walayat
9.Gold, Silver, Crude and S&P Ending Wedge Patterns - DeviantInvestor
10.Is the Gold And Silver Golden Rule Broken? - Michael_Noonan
Last 5 days
Harry Dent's Simple Strategy for Surviving Withdrawals from Markets on Crack - 27th Nov 14
Socialist France Just Cannot Compete Against Google Freedom - 27th Nov 14
A Short Tale About the Grand Manipulation of Crude Oil Prices - 26th Nov 14
China Secret Gold Buying ... How Could It Happen? - 26th Nov 14
Gold Price Spikes to $1,467.50/oz on Computer Glitch? - 26th Nov 14
Gold - So Bad It's Good: Surviving 2014 - 26th Nov 14
TrueShopping.co.uk Real Customer Experience Review - Online Shopping Lessons - 26th Nov 14
Is There A New Global Consensus About Cheating Investors To Reboot Employment? - 26th Nov 14
EUR/USD – Currency Bulls Don’t Give Up - 26th Nov 14
Swiss Gold Referendum A Golden Opportunity for Switzerland - 25th Nov 14
Silver: What COT Analysis Tells Us - 25th Nov 14
Stock Market Big, Bold and Ugly - 25th Nov 14
U.S. Dollar Near Top? Gold and Silver Trading, Platinum Breakout Invalidation - 25th Nov 14
Buy Fear - Easily Pick Up Profits on Stock Market Dips - 25th Nov 14
The Islamic State Reshapes the Middle East - 25th Nov 14
Gold Price Forecast 2015 - 25th Nov 14
The Swiss Referendum On Gold: What’s Missing From The Debate - 25th Nov 14
Clash of Generations - Why Millennials Still Live at Home; Not Jobs, Student Debt, or Housing - 25th Nov 14
Stock Market Reminiscent of Pompeii - 25th Nov 14
Once Upon A Time There Were Philosopher Kings - 24th Nov 14
The 2014 Crude Oil Price Crash Explained - 24th Nov 14
China Stock Investing - Follow the Money! - 24th Nov 14
122 Tonnes of Gold Secretly Repatriated to Netherlands - 24th Nov 14
What Causes the U.S. Dollar to Move? - 24th Nov 14
Stock Market Indexes New Highs - Will Uptrend Extend Even Further? - 24th Nov 14
All Hail the King U.S. Dollar - Trend Forecast - 24th Nov 14
Where Is China Economy On The Map Exactly? - 24th Nov 14
Most of The World Economies Panic - Is The US Next? - 24th Nov 14
Stock Market Exhaustion Gap? - 24th Nov 14
Gold Golden Gains Come After The Pain - 24th Nov 14
Crude Oil and Stock Market Setting The Stage For The Next Recession - 23rd Nov 14
This Publicly-Owned Bank Is Outperforming Wall Street - 23rd Nov 14
Who’s Ready For $30 Crude Oil Price? - 23rd Nov 14
Strategic, Methodological and Developmental Importance of Knowledge Consumption - 23rd Nov 14
Manipulated Stock Market Short Squeezes to Another All Time High - The China Syndrome - 23rd Nov 14
Gold Price 2015 - 22nd Nov 14
Stock Market Medium Term Top? - 22nd Nov 14
Is the Gold And Silver Golden Rule Broken? - 22nd Nov 14
Malaysia's Subsidy and Budget Deficit Conundrum - 22nd Nov 14
Investors Hated Gold at Precisely the Wrong Time: What About Now? - 22nd Nov 14
Gold and GLD ETF Selloff - 22nd Nov 14
Currency Wars, the Ruble and Keynes - 21st Nov 14
Stock Market Investor Sentiment in The Balance - 21st Nov 14
Two Biotech Stocks Set to Double on One Powerful Catalyst - 21st Nov 14
Swiss Gold Poll Likely Tighter Than Polls Suggest - 21st Nov 14
Gold's Volatility and Other Things to Watch - 21st Nov 14
Australia Stock Market and AUD Dollar Analysis (ASX200 and AUDUSD) - 21st Nov 14
New Algae Research May Have Uncovered an “Energy Forest” Under the Sea - 21st Nov 14
The Cultural and Political Consequences of Fiat Money - 20th Nov 14
United States Social Crisis - No One Told You When to Run, You Missed the Starting Gun! - 20th Nov 14
Euro-Zone Tooth Fairy Economics, Spain Needs to leave the Euro - 20th Nov 14
Ebola Threat Remains a Risk - New Deaths in Nebraska and New York - 20th Nov 14
Stock Market and the Jaws of Life or Death? - 20th Nov 14
Putin’s World: Why Russia’s Showdown with the West Will Worsen - 20th Nov 14
Making Money While The World Burns - 20th Nov 14
Why This "Quiet Zone" Is Now Tech Stocks Biggest Profit Sector - 20th Nov 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Gold Report 2015

Massive Widespread Economic Pain Across America

Politics / US Politics Aug 16, 2010 - 02:07 AM GMT

By: Joel_S_Hirschhorn

Politics

the United States is not kaput it is certainly withering away even as a rich upper class enjoys all the things that money buys.  There is massive, widespread economic pain inflicting a huge fraction of Americans who are unemployed, underemployed, relying on food stamps, losing their homes, and who are feeling totally insecure financially.  This maintains sluggish consumer spending that makes necessary economic growth impossible.


The corporate bigwigs meanwhile are essentially using economic blackmail as they sit on trillions of dollars in cash, refusing to invest their capital and making great profits because they have cut workers and increased productivity.  They want even more benefits from government that they think Republicans will give them.

No wonder that only 11 percent of people have confidence in Congress and most Americans are fed up with both major political parties.  It is bewildering why more Americans are not openly condemning President Obama and his administration.  Perhaps because there is no clear Republican that warrants support to replace him.

It seems that Obama has taken some power-narcotic and entered into a delusional mental state.  He persists in talking as if the Great Recession is over and all is going just swell.  His wife takes the kids for a vacation in Spain and soon the whole family will go up to a swank place in Cape Cod for another vacation and, of course, Obama likes to go out golfing frequently.  Does any rational being perceive he really feels the pain that so many citizens feel?  He lives the life of a typical rich and powerful corporate CEO, not a servant of the people.

Progressives often seem amazed and befuddled by Obama’s persistent policies that take care of the business and financial sectors, apparently forgetting that when he campaigned for the presidency he took huge amounts of money from those people.  If he does not appoint Elizabeth Warrant to head the new consumer protection financial agency Obama should be openly and loudly condemned by everyone on the left.

Obama finds self-satisfaction in making the argument that everything he has done is surely better than any Republican has done or would do.  He misses the point that being better than the worst imaginable is not the same as doing a really first rate job that serves the interests of ordinary people and especially of those hit the hardest by the continuing recession.  In many respects the economic conditions now savaging the nation are as bad as the Great Depression.  The many millions facing hunger, no jobs, homelessness, foreclosure, inadequate better health care, bankruptcy and financial insecurity define a nation way down the toilet.  The middle class has been murdered.  We are now a two-class society with a rich Upper Class and a suffering Lower Class.

That billions and billions of dollars are still being spent on two unnecessary wars should make everyone feel as if they are living in a big insane asylum.  All that money should be going to investment (especially public infrastructure) and jobs creation here in the USA .

No wonder that a Wall Street Journal/NBC News poll this week found that nearly 6 in 10 Americans believe the country is on the wrong track, a majority disapproves of President Obama’s handling of the economy, and nearly two-thirds expect the economy to get worse, which it will.

Even more important than Obama waking up to reality is that more Americans wake up to their nasty political reality.  Voting in elections has become a political placebo.  Electing more Republicans to Congress in the fall is nothing more than taking two aspirin when you are near death from starvation.

The real medicine needed for our delusional democracy is revolution that overthrows the two-party plutocracy.  We need leaders for one, but there are none that most Americans could and should support, not even in the Tea Party movement.  Time to learn from history: Even the greatest nations and societies end up losing their glory, wealth and power.

By Joel S. Hirschhorn

http://www.delusionaldemocracy.com

Joel S. Hirschhorn has been widely published; his previous book is Sprawl Kills - How Blandburbs Steal Your Time, Health and Money - see www.sprawlkills.com He has published many articles and oped pieces in major newspapers (Washington Post, New York Times, Baltimore Sun, Chicago Tribune) and on progressive web sites such as CommonDreams, The Progress Report, SmirkingChimp and Opednews; Google Joel S. Hirschhorn to see his writings and achievements and see link below.  Before becoming a writer and consultant, he was a senior staffer for the U.S. Congress (Office of Technology Assessment), Director of Environment, Energy and Natural Resources at the National Governors Association, a full professor at the University of Wisconsin, Madison, and head of an environmental consulting company.

Joel S. Hirschhorn Archive

© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014