"Bush has borrowed more money from foreigners than all prior presidents COMBINED"
Ordinarily I do not do this, but the facts are as stark as any voter could possibly imagine, so I am quoting verbatim, Robert Freeman, July 5, 2006 on CommonDreams.org
"Bush has borrowed more money from foreigners than all prior presidents COMBINED. To fund his own record debts, Bush goes, hat in hand, to borrow more than $2 billion a day from the rest of the world… The national debt—the cumulation of all deficits since the founding of the republic—was $5.6 trillion when Bush took office but now approaches $9 trillion, up a breathtaking 50% in only five years…
"More than 100% of the growth in Gross Domestic Product over the past five years is attributable to the expansion of debt. GDP is up $2.8 trillion since 2001. But government debt alone is up over $3 trillion for the same period. Add in the explosion of home mortgage debt at over $5 trillion, and a cumulative $3.5 trillion in trade deficit, and you get a Real Economy that is literally going backwards. The illusion of affluence is only sustained by selling off the family china. Working Americans know this all too well…
"Real average hourly earnings are 14% below their 1973 post-War high. Real median household incomes are still 4% below where they were in 1999. Employment in the communications equipment industry is down 43% since 2000. Semiconductor employment is off 30%. Electrical equipment has shed one quarter of its industry’s jobs. Textiles, off 40%. These are the high-wage jobs on which the American middle class—the American standard of living—once rested…
"This evisceration of labor and labor-based income comes at a time when corporate profits are at their highest level as a percent of national income since 1947 while labor’s share is at its lowest level since 1946. The rich are getting richer and everyone else is getting dramatically poorer…
"As onerous as they are, the deficits… constitute only a small fraction of the total indebtedness of the U.S. economy. The official “national debt” is approaching $9 trillion, as noted, a substantial figure, to be sure. But the government’s “unfunded liabilities”—obligations it has committed to pay but for which there is no known source—are estimated at an incomprehensible $58 trillion. Add in revolving consumer debt, mortgage debt, and corporate debt, and the nation’s total obligations exceed $90 trillion, more than seven times GDP. At the time of the 1929 stock market crash, total debt stood at two times GDP. These obligations will never be paid.
"The reason is that the job drain from the U.S., while it looks like a torrent now, is still only a trickle. Though the U.S. won the Cold War, it is rapidly losing the Cold Peace, which began when China ended its communist isolation and joined the world market. The average wage in China is $.57 per hour. China has more than half a billion workers meaning the drain of good jobs from the U.S. to China can go on indefinitely—and will. …As many as 56 million U.S. jobs are susceptible to outsourcing...
"But this is exactly what Bush and… fellow “conservatives” intend… Globalization means liberating capital from all obligations to national well being, freeing it to pursue only the highest returns it can find, no matter where they may lie. That means seeking out the lowest paid labor and shifting all possible jobs there. That is China. Or India…
"[The new Treasury Secretary’s] job, then, is to arrange the write down of debt that must accompany the effective bankruptcy of the U.S. He will have to promise an IMF-like fiscal austerity to foreign lenders to keep the funding flowing until there is nothing left to take. This will mean draconian cuts in social spending, no tariffs, and the removal of all remaining controls on the mobility of, and returns to, capital. The dollar will be precipitously devalued with the consequence of massive inflation and stratospheric interest rates. These will only accelerate the decline. A new international reserve currency, based on a basket of currencies including the Euro, the Yen, the Chinese Yuan, and the dollar, will be devised…
"The U.S. worker and the U.S. economy will be left to their own devices. All social safety net systems must be dismantled for, given the colossal debt, they can no longer be afforded… The only government programs of substance that will be maintained will be police and military systems…"
- Robert Freeman, July 5, 2006 by CommonDreams.org
Ordinarily I do not do this, but the facts are as stark as any voter could possibly imagine, so I am quoting verbatim, Robert Freeman, July 5, 2006 on CommonDreams.org
"Bush has borrowed more money from foreigners than all prior presidents COMBINED. To fund his own record debts, Bush goes, hat in hand, to borrow more than $2 billion a day from the rest of the world… The national debt—the cumulation of all deficits since the founding of the republic—was $5.6 trillion when Bush took office but now approaches $9 trillion, up a breathtaking 50% in only five years…
"More than 100% of the growth in Gross Domestic Product over the past five years is attributable to the expansion of debt. GDP is up $2.8 trillion since 2001. But government debt alone is up over $3 trillion for the same period. Add in the explosion of home mortgage debt at over $5 trillion, and a cumulative $3.5 trillion in trade deficit, and you get a Real Economy that is literally going backwards. The illusion of affluence is only sustained by selling off the family china. Working Americans know this all too well…
"Real average hourly earnings are 14% below their 1973 post-War high. Real median household incomes are still 4% below where they were in 1999. Employment in the communications equipment industry is down 43% since 2000. Semiconductor employment is off 30%. Electrical equipment has shed one quarter of its industry’s jobs. Textiles, off 40%. These are the high-wage jobs on which the American middle class—the American standard of living—once rested…
"This evisceration of labor and labor-based income comes at a time when corporate profits are at their highest level as a percent of national income since 1947 while labor’s share is at its lowest level since 1946. The rich are getting richer and everyone else is getting dramatically poorer…
"As onerous as they are, the deficits… constitute only a small fraction of the total indebtedness of the U.S. economy. The official “national debt” is approaching $9 trillion, as noted, a substantial figure, to be sure. But the government’s “unfunded liabilities”—obligations it has committed to pay but for which there is no known source—are estimated at an incomprehensible $58 trillion. Add in revolving consumer debt, mortgage debt, and corporate debt, and the nation’s total obligations exceed $90 trillion, more than seven times GDP. At the time of the 1929 stock market crash, total debt stood at two times GDP. These obligations will never be paid.
"The reason is that the job drain from the U.S., while it looks like a torrent now, is still only a trickle. Though the U.S. won the Cold War, it is rapidly losing the Cold Peace, which began when China ended its communist isolation and joined the world market. The average wage in China is $.57 per hour. China has more than half a billion workers meaning the drain of good jobs from the U.S. to China can go on indefinitely—and will. …As many as 56 million U.S. jobs are susceptible to outsourcing...
"But this is exactly what Bush and… fellow “conservatives” intend… Globalization means liberating capital from all obligations to national well being, freeing it to pursue only the highest returns it can find, no matter where they may lie. That means seeking out the lowest paid labor and shifting all possible jobs there. That is China. Or India…
"[The new Treasury Secretary’s] job, then, is to arrange the write down of debt that must accompany the effective bankruptcy of the U.S. He will have to promise an IMF-like fiscal austerity to foreign lenders to keep the funding flowing until there is nothing left to take. This will mean draconian cuts in social spending, no tariffs, and the removal of all remaining controls on the mobility of, and returns to, capital. The dollar will be precipitously devalued with the consequence of massive inflation and stratospheric interest rates. These will only accelerate the decline. A new international reserve currency, based on a basket of currencies including the Euro, the Yen, the Chinese Yuan, and the dollar, will be devised…
"The U.S. worker and the U.S. economy will be left to their own devices. All social safety net systems must be dismantled for, given the colossal debt, they can no longer be afforded… The only government programs of substance that will be maintained will be police and military systems…"
- Robert Freeman, July 5, 2006 by CommonDreams.org
No comments:
Post a Comment