The Obama administration could have let the Bush tax cuts expire in Dec. 2010 and let the budget return to balance in 2012. It might have recovered some middle class tax cuts from a position of strength through congressional negotiations. It could have given some concessions to Republicans for cuts in government spending, it chose not to. The Obama team set the agenda for a future era of forced smaller government when the reality of vast public debt sets in.
The U.S. public debt is about 15 trillion 700 billion dollars presently and will hit 16 trillion before the end of this year. If President Obama were to be re-elected the public debt by the end of a second term might reach 25 or 30 trillion dollars. Then one might guess Democratic leadership would decide to hand the ball off to Republicans and let them fix it.
A better policy would be to elect Mitt Romney in November and hope he can not only cut federal spending, but reform and improve the quality of federal spending as well. In bureaucracies a buck slip is an inter-office paper routing order and a customary policy on difficult work is to pass along the paper with a buck slip moving it somewhere else. Passing the buck is the sine qua non of modern government.
It is obviously the poor, the environment, American independence and individual free enterprise that will suffer most from an epoch of vast public debt,huge interest payments, reliance on foreign products producers and an effete globalist financial sector employing 30% Americans.
Debt increases and wealth concentrates as the U.S.A.moves down toward the upper tier of the second world over time. While U.S. domestic economic growth is only about 2% annually continuing reliance on the Reaganomic idea of increasing economic growth and tax revenues faster than public debt increase is apparently a daft idea for the President to keep.
The President appears to have no interest in Federal economic leadership to reform free enterprise and corporate scale enabling better individual competition against established corporate collectives and networks-even on the Internet. The President seems to want to rely upon Wall Street to create employment and form rational macro-economic policy when of course the Street is a global phenomena concerned about profit and unconcerned with U.S. public debt except incidentally. In the meantime he is contented on increasing public debt for he may at some point believe the government can counterfeit its own currency and by up its own debt without damage to U.S. economic interests.
It is still possible that the dollar may crash in value with a mass sell off of foreign held reserves.
Europeans tend toward being a godless political ensemble these decades without over-much concern for anything perhaps as the result of that century of wars and mass killings. One can look back toward the 19th century when civilization in Europe was more like today's American society and global economic power policy with economic exploitation of anyone or everyone not-an essential concern.
In the 19th century royalty was endangered and aristocracy in decline. Free enterprisers and middle class capitalism were on the rise without much consumer protection. Social classes were in competition and transition and individual with militarism too in the mix stimulated change along with bad social health and pervasive economic insecurity concurrent with expansion and environmental habitat destruction; what a time!
Today's global exploiters are organizing into class collectives with corporate and government networked relationships. While the immorality ethos is personalized through micro-moral decay the collectives simply co-opt individualism empirically.
Corporatism is still corporatism even if it's in the form of big corporations and small governments or of big governments and tamed corporations. A neo-socialist state with corporate leadership emerges in either case.
Untreatable Gonorrhea from Asia is increasing in the U.S.A. The Clap is the second most common infectious disease among Americans with more than 600,000 new cases each year. The untreatable version may comprise as much as 1.4% of the new cases and seems on the rise. The Obama administration economic policy shares phenomenal attributes with Gonorrhea finding the economic malaise untreatable. with conventional and measures.
Not only must the economy be reformed so the poor are employed in realistically quality standard of living providing positions, the entire economy needs to be moved toward a sustainable new foundation ecologically-and that is a tremendous challenge resisted by human beings that believe their is no end of the Earth as an inert object in itself supporting the stage of human technical increase.
Myriad global problems including that of the economy are a distraction from the vital economic and economic reform challenges disregarded by U.S. administrations. The Obama administration may cite its foreign military policy record of letting Iran and North Korean nuclear weapons programs continue, or assure Americans that India's new missile able to launch on Beijing bring stability to Boston and Washington D.C. Those are however only the tip of the iceberg of global issues that should be of secondary importance to the economic security of the poor in the United States.
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