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Brewing up a Deadly, Toxic Recipe for Economic Disaster

By       Message michael payne     Permalink
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Recipe for economic disaster: mix millions of outsourced jobs with millions of unemployed workers, pour in hundreds of billions of dollars for needless foreign wars, throw in a large dose of governmental failure to enact financial reforms to prevent abusive, unethical practices; combine these ingredients into a very large economic crisis and, presto, you have created a deadly, toxic recipe for economic disaster.

The current state of America is extremely tenuous; numerous states with massive budget deficits have been forced to lay off hundreds of teachers, police and firefighters. Education and the peoples' safety are being adversely affected. Kansas City school districts have just announced that they will have to close 29 out of 61 schools. And this negative trend is far from over; in fact, many more of these cutbacks are coming all over America.

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Our nation's governors have indicated that they will need nearly $1 trillion in federal aid to stave off bankruptcies; they need to be bailed out. But no bailout will be forthcoming from Uncle Sam because all available funds have been used to bailout the banking industry and financial sector and to fund our raging foreign wars.

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While we are tearing down our school systems and cutting police forces, services to the disabled, the elderly and the mentally ill, the spending on our two foreign wars is ever increasing. It is being reported that the Pentagon will be asking for a 7.1 percent increase in proposed defense spending. The base budget for defense stands at $708 billion and we know that large supplementals always follow. This budget represents 53 percent of U.S. discretionary spending, eight times more than the next largest item, health and human services.

Funds badly needed for education are, instead, being used for more bombs and bullets. Funds needed for police and state support programs for elderly, disabled and mental patients are being used to manufacture more killer drones and to build numerous new military installations all across Afghanistan. States must accept the reality that their deficit problems simply will not be given the same priority as the conducting of foreign wars. Sadly, this is a prime example of how far America has regressed.

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President Obama talks constantly about the need to create millions more jobs in America but he can't seem to get past the talk and get something concrete started. But, at least Senator Byron Dorgan of North Dakota has; he has been the lead proponent of eliminating the tax breaks enjoyed by U.S. companies that move their operations abroad. His website reports that, "Dorgan introduced legislation S.260, to shut down a tax loophole that rewards U.S. companies that move U.S. manufacturing jobs overseas. The legislation would close the loophole that allows U.S. multinational companies to defer paying income taxes on profits they make from the U.S. sale of the products manufactured in foreign factories, until those profits are returned to the United States, if ever. Manufacturers who remain in the United States receive no similar subsidy."

Can you believe this? Our government is actually rewarding corporations for moving jobs overseas; a U.S. company can actually close down a manufacturing plant, fire its workers and move those jobs to China or other nations. Instead of being penalized for this practice U.S. tax law rewards those companies with a large tax break that is called "referral". These firms, then, are allowed to defer paying U.S. income taxes on these foreign earnings until those profits are returned, if ever, to this country.

What the combination of greedy, profit-hungry corporations, aided and abetted by our government and tax laws are doing to the American worker, to our once world leading manufacturing sector and our consumer-driven economy is almost incomprehensible. It is economic suicide, plain and simple.

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Michael Payne is an independent, progressive activist. His writings deal with social, economic, political and foreign policy issues. He is a featured writer on Opednews and Nation of Change and his articles have appeared on many other websites (more...)
 

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