Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Central Banks May Ramp Up Gold Buying - 18th Apr 21
How to Get Rid of Driveway Weeds With Just WATER! 6 Months later NO Weeds, Ultimate Killer! - 18th Apr 21
State of the European Markets - DAX, FTSE, CAC, AEX, SMI, IBEX 35, S&P/MIB, Euro Stoxx 50, RTS - 18th Apr 21
Einvestment Fund: What You Need To Know About Investments - 18th Apr 21
Google Alphabet (GOOG) AI Deep Mind Stock Trend Analysis - 17th Apr 21
Stocks and Bonds Inflationary Slingshot - 17th Apr 21
Best Smartphone Selfie Stick Tripod Review by ATUMTEK Works with Samsung Galaxy and Iphone - 17th Apr 21
How to Give Budgie's First Bath | Easy Budgie Bathing and Water Training with Lettuce - 17th Apr 21
Record-breaking Decrease in New Passenger Vehicle Sale in Europe - 17th Apr 21
US Stocks Climb A “Wall Of Worry” To New Highs - 16th Apr 21
Gold’s Singular Role - 16th Apr 21
See what Anatomy of a Bursting Market Bubble looks like - 16th Apr 21
Many Stock Market Sectors Are Primed For Another Breakout Rally – Are You? - 16th Apr 21
What Skyrocketing US Home Prices Say About Inflation - 16th Apr 21
Still a Bullish Fever in Stocks? - 16th Apr 21
Trying to Buy Coinbase Stock on IPO Day - Institutional Investors Freeze out Retail Investors - 15th Apr 21
Stocks or Gold – Which Is in the Catbird Seat? - 15th Apr 21
Time For A Stock Market Melt-Up - 15th Apr 21
Stocks Bull Market Progression Now Shows Base Metal Strength - 15th Apr 21
AI Tech Stocks Buy Ratings, Levels and Valuations - 14th Apr 21
Easy 10% to 15% Overclock for 5600x, 5900x, 5950x Using AMD Ryzen Master Precision Boost Overdrive - 14th Apr 21
The Current Cannabis Sector Rally Is Pointing To Another Breakout - 14th Apr 21
U.S. Dollar Junk Bond Market The Easiest Money in History - 14th Apr 21
The SPY Is Nearing Resistance @ $410… What Is Next? - 14th Apr 21
The Curious Stock Market Staircase Rally - 14th Apr 21
Stocks are Heating Up - 14th Apr 21
Two Methods in Calculating For R&D Tax Credits - 14th Apr 21
Stock Market Minor Correction Due - 13th Apr 21
How to Feed Budgies Cucumbers - Best Vegetables Feeding for the First Time, Parakeet Care UK - 13th Apr 21
Biggest Inflation Threat in 40 Years Looms over Markets - 13th Apr 21
How to Get Rich with the Pareto Distribution - Tesco Example - 13th Apr 21
Litecoin and Bitcoin-Which Is Better? - 13th Apr 21
The Major Advantages Of Getting Your PhD Online - 12th Apr 21
Covid-19 Pandemic Current State for UK, US, Europe, Brazil Vaccinations vs Lockdown's Third Wave - 12th Apr 21
Why These Stock Market Indicators Should Grab Your Full Attention - 12th Apr 21
Rising Debt Means a Weaker US Dollar - 12th Apr 21
Another Gold Stocks Upleg - 12th Apr 21
AMD The ZEN Tech Stock - 12th Apr 21
Overclockers UK Build Quality - Why Glue Fan to CPU Heat sink Instead of Using Supplied Clips? - 12th Apr 21 -
What are the Key Capabilities You Should Look for in Fleet Management Software? - 12th Apr 21
What Is Bitcoin Gold? - 12th Apr 21
UK Covd-19 FREE Lateral Flow Self Testing Kits How Use for the First Time at Home - 10th Apr 21
NVIDIA Stock ARMED and Dangeorus! - 10th Apr 21
The History of Bitcoin Hard Forks - 10th Apr 21
Gold Mining Stocks: A House Built on Shaky Ground - 9th Apr 21
Stock Market On the Verge of a Pullback - 9th Apr 21
What Is Bitcoin Unlimited? - 9th Apr 21
Most Money Managers Gamble With Your Money - 9th Apr 21
Top 5 Evolving Trends For Mobile Casinos - 9th Apr 21
Top 5 AI Tech Stocks Investing 2021 Analysis - 8th Apr 21
Dow Stock Market Trend Forecast 2021 - Crash or Continuing Bull Run? - 8th Apr 21
Don’t Be Fooled by the Stock Market Rally - 8th Apr 21
Gold and Latin: Twin Pillars of Western Rejuvenation - 8th Apr 21
Stronger US Dollar Reacts To Global Market Concerns – Which ETFs Will Benefit? Part II - 8th Apr 21
You're invited: Spot the Next BIG Move in Oil, Gas, Energy ETFs - 8th Apr 21
Ladies and Gentlemen, Mr US Dollar is Back - 8th Apr 21
Stock Market New S&P 500 Highs or Metals Rising? - 8th Apr 21
Microsoft AI Azure Cloud Computing Driving Tech Giant Profits - 7th Apr 21
Amazon Tech Stock PRIMEDAY SALE- 7th Apr 21
The US has Metals Problem - Lithium, Graphite, Copper, Nickel Supplies - 7th Apr 21
Yes, the Fed Will Cover Biden’s $4 Trillion Deficit - 7th Apr 21
S&P 500 Fireworks and Gold Going Stronger - 7th Apr 21
Stock Market Perceived Vs. Actual Risks: The Key To Success - 7th Apr 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Obama's Corporate State of the Union Address

Politics / US Politics Jan 26, 2011 - 01:49 AM GMT

By: Shamus_Cooke

Politics

Finally, Obama will be delivering real change. But not the kind envisaged by those who voted for him. Rather, Obama's revolutionary change builds upon the foundations laid by Reagan, who drastically altered American society by promoting the corporate sector at the expense of working people.


Obama's state of the union speech was the culmination of months of right-wing policies that began in earnest after the mid-term election, where his fake liberal garb was completely shed. Now, the naked, corporate President presides unhindered by any pretense to help working people.

And while Obama's policies will be explicitly pro-business, he'll continue to lavish encouraging words to working people, asking them for their patience as he attempts to make corporate America more "competitive and innovative." Obama has made it clear that he believes that job creation is created by the private sector (corporations), which will begin hiring once their profits are high enough. Reagan called this trickle down economics. It remains a lie.

But this lie has been at the center of the Obama administration's activities for months. The list of pro-corporate behavior is blatant enough to make Bush Jr. blush.

Extending the Bush tax cuts for the wealthy was only the beginning. Next, Obama signed off on the corporate-written Korean free-trade agreement. This was followed by the announcement that JP Morgan executive William Daley would be the new White House chief of staff, Obama's closest adviser.

To the delight of the business community, Obama then signed an executive order concerning regulations, which begins with the following:

" Our regulatory system must protect public health, welfare, safety, and our environment while promoting economic growth [corporate profits], innovation, competitiveness, and job creation."

This mutually exclusive sentence did not confuse the corporate-elite, who correctly interpreted it to mean that Obama would ease the rules that restrict their profit making, such as worker, environmental, and consumer protections.

Even more shocking was the announcement that Obama was creating a Council on Jobs and Competitiveness, headed by General Electric CEO Jeffrey Immelt, a sworn enemy of working people. The New York Times noted that the "... the company [GE] has closed 29 plants in the United States and one in Canada in the past two years, eliminating more than 3,000 jobs." (January 22, 2011).

Meanwhile, GE exports have risen in recent years, due to its effectiveness in driving down its workers’ wages, as much as $10 an hour.

And this is precisely why Obama chose the CEO of General Electric to promote his new economic policy. Obama intends to turn the United States into the exporting nation it once was, as a way to deal with the Great Recession. He has repeatedly stated that he intends to boost exports by "five fold,” which can only be achieved by following the ruthless policies of General Electric: layoffs, reduced wages and benefits, reliance on part-time workers, and so on.

Increasing exports requires that U.S. workers make far less than they do currently if the corporations are going to hold onto their massive profits; otherwise products from China and India would remain cheaper on the world market. The U.S. cannot substantially increase its export capacity in a business friendly way and provide good union wages for workers at the same time. Either the export sector is built at the expense of workers or at the expense of big business. This truth is kept purposely hidden in Obama's speech, who cannot politically afford to say that he intends for U.S. workers to make real slave wages.

Raising exports demands cheap labor. It also requires -- as mentioned in his state of the union -- that corporate taxes be lowered in the U.S., which will push the deficit even higher, demanding that even more social programs be slashed.

These business-friendly policies have been much discussed in the U.S. media, which claims that Obama is making a shift from the political left to the center. Of course Obama never began on the left; he's never represented the interests of working people. He began his presidency at the center-right, and is now in the process of solidly establishing himself as a run-of-the-mill, corporate Republican.

In fact, Obama has spent his entire presidency groveling to the Republicans, who he insists can work with Democrats and Independents in harmony. To prove this theory, he has made numerous right-leaning "compromises" that continue to shift U.S. politics to the right, seemingly without end.

Moving the government back in the opposite direction -- towards working people -- will require drastic measures. First, labor unions and community groups must reject Obama's corporate-first philosophy. Working families must be put first.

Franklin Delano Roosevelt did this during the Great Depression when he created the Works Progress Administration (WPA), which was a nationally run public works program that put millions of people to work building infrastructure, schools, libraries, and other public buildings.

Working families have waited long enough. Corporate profits are already through the roof along with the growing inequalities in wealth, yet jobs are not being created, contrary to what the President claims. Instead of creating committees to figure out why corporations are not hiring, the President should raise taxes on the wealthy and corporations to fund a public works campaign. In this way, demand for products will be raised, and the increased demand will stimulate growth in jobs. Labor unions and community groups should form coalitions to demand this by organizing mass demonstrations across the whole country. We've waited long enough.

Shamus Cooke is a social service worker, trade unionist, and writer for Workers Action (www.workerscompass.org).  He can be reached at shamuscook@yahoo.com Shamus Cooke is a frequent contributor to Global Research.  Global Research Articles by Shamus Cooke

© Copyright Shamus Cooke , Global Research, 2011

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.


© 2005-2019 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

6 Critical Money Making Rules