Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (1 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   2 comments

OpEdNews Op Eds

An Answer to 2011's Austerity Arguments: 'We Won't Pay For Their Crisis'

By (about the author)     Permalink       (Page 1 of 2 pages)
Related Topic(s): ; ; , Add Tags Add to My Group(s)

Well Said 3   Must Read 2   Valuable 2  
View Ratings | Rate It Headlined to H2 1/4/11

- Advertisement -

from The Nation

First, Washington squandered our tax dollars enriching the corporate contractors that profiteer upon unnecessary and seemingly endless wars. The cost figure just for the Iraq imbroglio is now far in excess of $3 trillion, according to The Washington Post.

Next, Washington bailed out the big banks and the multinational corporations that got so greedy they wrecked themselves and the U.S. economy. How much did that cost? In addition to the initial $800 billion shifted their way by President Bush and the Congress in 2008, there's the little matter of the Federal Reserve's "backdoor bailout": low-interest loans and other deals doled out to the largest banks and corporatuions. According to data obtained by U.S. Senator Bernie Sanders, I-Vermont, the 21,000 transactions from December 2007 through July 2010 that totaled more than $3 trillion.

Three trillion here, three trillion there... sooner or later, we're talking about real money.

And a real big hole in the federal budget.

In 2010, the new theme of the Washington elites was that the U.S. had spent itself into a financial mess. President Obama's "Deficit Commission," Republicans in Congress and even some Democrats were all saying that the country was broke and that it was going to be necessary to put Social Security, Medicare, Medicaid and other social programs at risk to balance the books.

- Advertisement -

That's right. They want working Americans to sacrifice in order to pay off the debts they ran up on their wars and bailouts?

Click Here to Read Whole Article

Next Page  1  |  2


John Nichols, a pioneering political blogger, has written the Online Beat since 1999. His posts have been circulated internationally, quoted in numerous books and mentioned in debates on the floor of Congress.

Nichols writes about politics (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Paul Ryan? Seriously?

Scott Walker's Austerity Agenda Yields 'Worst Job Losses in US'

The Koch Brothers, ALEC and the Savage Assault on Democracy

Bernie Sanders: "I Am Prepared to Run for President of the United States"

How Socialists Built America

Mitt Romney Debate "Win" Gives Obama a Winning Issue


The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
2 people are discussing this page, with 2 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

I see no evidence of austerity when it comes to mi... by Jack Flanders on Tuesday, Jan 4, 2011 at 6:25:14 PM
You are absolutely correct! We must not go down th... by Elizabeth Hanson on Tuesday, Jan 4, 2011 at 11:49:02 PM