Posted by: vernacularsnoop | August 28, 2008

What’s dragging down the US economy?

Neoliberal globalization, for one. An OpEd News article called “Democrats Against Democracy” argues that Bill Clinton, who many inexplicably credit with the late ’90s tech-stock-fueled economic bubble, actually deserves the blame for many of the systemic problems with the modern American economy.

The true corruption of the Clinton years was the way the Clintons sold the services of the Presidency to the highest bidder.  There was little that was out of bounds.  They happily sold off America’s economic strength.  The trade agreements of the Clinton years were the death knell to the notion that America would build anything real and of value.  Our manufacturing capability was sold off for a short term bump in the corporate balance sheet.  Today’s economic problems all trace back to that.  We are a nation of debtors who don’t produce anything of real value any more.  All of our trade deficits, the falling dollar, the bubbles in the speculative markets, they all stem from this basic problem.”

Democrats against Democracy

For a perspective on how we can set things right, here’s an article called “Build America so America works again” by John F. Penn, vice president of the Labor International Union of North America. The article is brief and fairly general, but makes a strong point. A longer analysis of how to create sustainable economic development in America could include green jobs and clean, renewable energy. We could put millions to work making American more energy-efficient, and millions more developing the energy sources that will break our addiction to fossil fuels.

“Today, having put our industrial base on a fast boat to China and our financial house in a mortgage crisis, the global economists are still calling for “tax cuts and deregulation” to fix our problems. They were wrong then and they’re wrong now. The answer is to reinvest in America: our infrastructure, our people, our future.”

Build America so America works

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Responses

  1. I’ve been reading along for a while now. I just wanted to drop you a comment to say keep up the good work.


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