Monday, 1 August 2011

Change? "No we cannot". Pres. Obama's dismal performance and dreadful disappointments

As I write (19:30 hrs USA Eastern Time, 1st August 2011) the “Debt Ceiling Deal” has yet to reach a vote in the House or in the Senate.  I hope that either the House or the Senate will nix it.

It’s a ghastly fudge which fails to address the deepening chasm between the “haves” and the “have-nots” in the U.S.A.

It’s a ghastly fudge which postpones the deeper budgetary issues to “another day”.

It’s a ghastly fudge in which President Obama has abandoned his electoral promises of “Change – Yes we can” in favour of the voodoo economics of the Tea Party.

It’s a ghastly fudge designed to satisfy the International Monetary Fund and the ratings agencies (“Moodys” and “Standard and Poor’s”). (They are the masters now).

It’s a ghastly fudge which will do not one thing to:  

1. expand the U.S.A economy;
2. “create jobs”;
3. reduce the power of the international mega-corporations;
4. bring essential relief to the poorest of poor Americans.

I very much hope that either the House, or the Senate, or both will reject this fudge (even by means of a coalition of Tea Party Republicans and Progressive Democrats).

I am so greatly disappointed that President Barack Obama is betraying those of us who were naive enough to belief that he would work to bring about economic change for we, the “ordinary people”.

2 comments:

  1. You're right. The Herbert Hoover/Andrew Mellon approach didn't work for the Great Depression and it certainly won't work now. You don't fix a liquidity trap and depressed aggregate demand with fiscal contraction. They're just creating more misery, mostly for those who are already hurting.
    I'm not sure how Obama expects to get re-elected now that he's helped the tea partiers put a poor economy back into the dumpster.

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  2. I was mugged in a dark parking lot by 2 men with a gun. I gave them my money. I gave them my money to prevent their shooting me. It's easier to feel bad about getting mugged than to feel grateful I survived--the poorer for it--but something like that has just occurred in D.C.

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