Best of the Week
Most Popular
1.The Brexit War! EU Fearing Collapse Set to Stoke Scottish Independence Proxy War - Nadeem_Walayat
2.London Terror Attack Red Herring, Real Issue is Age of Reason vs Religion - Nadeem_Walayat
3.The BrExit War, Game Theory Strategy for What UK Should Do to Win - Nadeem_Walayat
4.Goldman Sachs Backing A Copper Boom In 2017 - OilPrice_Com
5.Trump to Fire 50 US Cruise Missiles To Erase Syrian Chemical Attack Air Base, China Next? - Nadeem_Walayat
6.US Stock Market Consolidation Time - Rambus_Chartology
7.Stock Market Investors Stupid is as Stupid Goes - James_Quinn
8.Gold in Fed Interest Rate Hike Cycles- Zeal_LLC
9.The BrExit War - Britain Intelligence Super Power Covert War With the EU - Nadeem_Walayat
10.Marc Faber: Euro to Strengthen, Dollar to Weaken, Gold and Emerging Markets to Outperform - MoneyMetals
Last 7 days
Elliott Wave Theory: Is Elliott’s Theory Enough? - 27th Apr 17
Billionaire Investor Paul Tudor Jones Says Stock Market Valuation Is “Terrifying” And He Is Right - 26th Apr 17
The Great BrExit Divides - Britain, USA and France - 26th Apr 17
10 Facts That Show Our Taxes Are Worse Than You Thought - 26th Apr 17
What Trump’s Next 100 Days Will Look Like - 26th Apr 17
G20: SURPASSING THE 2nd GLOBAL STEEL CRISIS - 26th Apr 17
What A War With North Korea Would Look Like - 25th Apr 17
Pensions Are On The Way Out But Retirement Funds Are Not Working Either - 25th Apr 17
Frank Holmes : Gold Could Hit $1,500 in 2017 Amid Imbalances & Weak Supply - 25th Apr 17
3 Reasons Why “Spring Forward, Fall Back” Also Applies To Gold - 25th Apr 17
SPX may be Aiming at the Cycle Top Resistance - 25th Apr 17
Walmart Stock Extending Higher - Elliott Wave Trend Forecast - 25th Apr 17
Google Panics and KILLS YouTube to Appease Mainstream Media and Corporate Advertisers - 25th Apr 17
Gold Price Is 1% Shy of Ripping Higher - 25th Apr 17
Exchange-Traded Funds Make Decisions Easy - 25th Apr 17
Trump Is Among The Institutionally Weakest National Leaders In The World - 25th Apr 17
3 Maps That Explain the Geopolitics of Nuclear Weapons - 25th Apr 17
Risk on Stock Market French Election Euphoria - 24th Apr 17
Fear Campaign Against Americans Continues Nuclear Attack Drills in New York City - 24th Apr 17
Is the Stock Market Bounce Over? - 24th Apr 17
This Could Be One Of the Biggest Winners Of The Electric Car Boom - 24th Apr 17
Le Pen Shifts Political Landscape- The Rise of New French Gaullism  - 24th Apr 17
IMF Says Austerity Is Over - Surplus or Stimulus - 24th Apr 17
EURUSD at a Critical Point in Wave Structure - 23rd Apr 17
Stock Market Grand Super Cycle Overview While SPX Correction Continues - 23rd Apr 17
Robert Prechter Talks About Elliott Waves and His New Book - 23rd Apr 17
Le Pen, Melenchon French Election Stock, Bond and Euro Markets Crash - 22nd Apr 17
Why You Are Not An Investor - 22nd Apr 17
Gold Price Upleg Momentum Building - 22nd Apr 17
Why Now Gold and Silver Precious Metals? - 22nd Apr 17
4 Maps That Signal Central Asia Is at Risk of War - 22nd Apr 17
5 Key Steps For A Comfortable Retirement From Former Wall Street Trader - 22nd Apr 17
Can Marine Le Pen Win? French Presidential Election Forecast 2017 - 21st Apr 17
Why Stock Market Investors May Soon Be In For A Rude Awakening - 21st Apr 17
Median US Household’s Wealth Has Declined by 40% Since 2007 - 21st Apr 17
Silver, Platinum and Palladium as Investments – Research Shows Diversification Benefit - 21st Apr 17
U.S. Stock Market and Gold, Post Tomahawks and MOAB - 21st Apr 17
An In Depth Look at the Precious Metals Complex - 20th Apr 17
The Real Story of China’s Strong First-Quarter Growth - 20th Apr 17
3 Types Of Life-Changing Crisis That Make You Wish You Had Some Gold - 20th Apr 17
The Truth is a Dangerous Thing - 20th Apr 17
2 Choke Points That Threaten Oil Trade Between Persian Gulf And East Asia - 20th Apr 17

Market Oracle FREE Newsletter

Why 95% of Traders Fail

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

© 2005-2016 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

Catching a Falling Financial Knife