Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Friday Stock Market CRASH Following Israel Attack on Iranian Nuclear Facilities - 19th Apr 24
All Measures to Combat Global Warming Are Smoke and Mirrors! - 18th Apr 24
Cisco Then vs. Nvidia Now - 18th Apr 24
Is the Biden Administration Trying To Destroy the Dollar? - 18th Apr 24
S&P Stock Market Trend Forecast to Dec 2024 - 16th Apr 24
No Deposit Bonuses: Boost Your Finances - 16th Apr 24
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

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

© 2005-2022 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