The methods employed by the ruling elite to resolve its crisis at the expense of the working class will provoke increasing popular resistance. Under the pay-as-you-go rules enacted as part of a series of bipartisan budget deals between the Obama administration and the Republican Congress, the $1.5 trillion tax cut over 10 years must be offset by yearly cuts of $150 billion in spending, unless Congress approves a waiver by a super-majority vote.
This means that the new year will begin with demands from the White House and Congress that the budget deficit -- which they have made much worse by cutting taxes on the rich -- be financed through across-the-board cuts in domestic programs, particularly the largest programs: Medicare, Medicaid and Social Security.
Wall Street, the biggest beneficiary of the tax cut bonanza, will lead the charge for austerity measures. Goldman Sachs has already sounded the alarm, sending a note to clients Thursday warning that US national debt was on track to hit unsustainable levels, and was already at its highest point, as a percentage of GDP, since 1950.
In its increasingly naked drive to monopolize all the wealth of society, the ruling class is fueling a growing mood of anger and opposition, with revolutionary implications.
The coming struggles of the working class will require a complete political break with the two parties of big business, the Democrats and Republicans, and the building of a mass independent political movement based on a socialist program, to put an end to the profit system.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
5
5
2
