Heading Toward Economic Ruin - by Stephen Lendman
Bad policies assure bad results. Destructive ones assure calamities. Well before Obama took office, bipartisan initiatives plotted a course for disaster.
Bush accelerated it. Obama much more, so today America hangs on the precipice of what a previous article called the banana republicanization of America - a kleptocracy run by corrupt politicians and corporate crooks, scamming the public with austerity, debt peonage, and banker occupation, heading them toward mass impoverishment, misery and neo-serfdom.
Washington's current debt ceiling/budget debate centers around slashing entitlements and other social benefits to avoid a manufactured looming crisis. Off the table, however, are:
-- cutting military expenditures minimally in half, ideally much more, including closing overseas bases, reducing force levels, ending foreign occupations, and renouncing imperial wars;
-- taxing speculators and the rich;
-- making corporations pay their fair share;
-- strengthening America's social contract, not destroying it;
-- stopping the offshoring of high-paying manufacturing and professional jobs plus many others;
-- real regulatory reform with teeth;
-- abolishing monopoly and oligopoly power;
-- returning money creation power to Congress as the Constitution demands; and
-- investing the nation's capital in productive growth, not handouts to Wall Street and other corporate favorites, as well as permanent imperial wars, turning America into a corrupted, fascist, lawless sinkhole not fit to live in, except for the elite few pulling the strings.
At the same time, political theater, malfeasance and machinations come at the time the economy is heading south. The latest Commerce Department data showed it stalled so far in 2011. In fact, conditions are much worse based on economist John Williams' calculations.
His Shadowstats Government Statistics (SGS) analysis "reflects the inflation-adjusted, or real, year-to-year GDP change, adjusted for distortions in government inflation usage and methodological changes that have resulted in a built-in upside bias (aka cooking the books) to official reporting."
As a result, his annual growth calculation bottomed out in early 2009 at minus 6% GDP, elevated to over minus 1% in early 2011, and now has it at over minus 2% heading south. In other words, the true state of economic America is bad, getting worse.