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Socializing Financial Risk in War and Peace

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The U.S. government has used favorable legislation for selected industries and for war funding ostensibly for the benefit American people. The risks incurred have fallen squarely on the public purse and the U.S. economy when the advantages of socializing risk disappear in the desert like a mirage. In the case of war socializing the cost has been normal, but question is should it be born equally by rich and poor alike, and just as importantly ought leaders have impunity when they have misled the country so grievously. We live in an age where socializing risk for private gain has been a major tenet of the legislative and executive branches of government.

The following are ten examples of socializing risk with impunity in war and peace.

1. Executive Branch faulty judgment on intelligence leading to preemptive war that contradicts the overall intelligence on Iraq making it less safe for all Americans.

2. Statements by Bush administration officials that the reconstruction of Iraq would be paid for by Iraqi oil revenues were totally false, instead the bill is on the national debt.

3. Executive Branch faulty judgment on invading Iraq and Afghanistan cost public trillions of dollars of additional debt for war on the premise that "we need to fight them there before we fight them here" are totally bogus as the domestic terror attempts continue unabated.

4. Multi-Trillion dollar publicly funded bailout of financial industry for private profit.

5. Providing low import taxes when U.S. companies move manufacturing overseas to the detriment of U.S. employment. Lower costs for greater profit is a legitimate reason for going overseas, however it is the business of the U.S. government to provide a favorable employment, industrial and economic climate beneficial for the American people first and foremost.

6. Capping financial penalties in selected industries which benefit private businesses at the expense of public safety and justice.

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Henry Pelifian has written many columns and articles on government and current events. He has published a play THOREAU based on the life, works and words of Henry David Thoreau, a war novella and short stories based on his years overseas called (more...)

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