Obama-Style Deficit Reduction - by Stephen Lendman
Obama wants to sock the poor to enrich the wealthy.
On September 8, Obama's "American Jobs Act" address to Congress was a thinly veiled campaign speech. More on it below.
On September 19 came Act Two to enlist support for "Living Within Our Means and Investing in Our Future" by cutting $4 trillion over 10 years (for starters with more to come) from Medicare, Medicaid, public pensions, veterans' benefits, unemployment insurance, the US Postal Service, and other social benefits.
It's part of a bipartisan plan to destroy America's middle class, good-paying jobs and benefits, the dream of homeownership for millions, and a nation once fit to live in but no longer.
Economist and regular Progressive Radio New Hour contributor Jack Rasmus commented on the minimum $4 trillion deficit reduction plan, saying:
It's "not only the consensus deficit target but also the amount by which taxes have been cut for the rich and corporations."
Moreover, it equals the amount banks and other large corporations "have been hoarding in cash since the bailouts," instead of using it for economic growth and job creation.
In addition, out-of-control war spending and bailouts applied productively would make austerity cuts unnecessary.
"Who's going to pay the next $4 trillion (and more trillions after that)....is the central issue," according to ruling elites?
"It's not jobs (not created), foreclosures, broke states and cities, students indentured for life, or seniors struggling to stay alive."
At a time stimulus is needed to revive productive growth, infighting focuses on what more to cut, hitting working households, the poor, retirees and disabled hardest.
Notably, 25 million Americans wanting jobs have none. Nothing is being done to create them.
Instead, proposals focus on tax cuts for the rich, corporate handouts, and austerity to pay for them.
Welcome to America.