by Finian Cunningham
If there is one thing that the office of President Barack Obama demonstrates it is that democracy does not exist in the United States. This may seem a rather outlandish statement. For many people, the fact that the 44th president is the first black man to preside over the White House – with its American colonial-style architecture – is a tribute to the triumph of US democracy.
But many other more telling facts indicate that Obama is but a figurehead of an unelected government in the US. This unelected power of corporate elites – commercial, financial, military – governs with the same core policies regardless of who is sitting in the White House. Whether these policies are on social, economic or foreign matters, the elected president must obey the direction ordained by the unelected elite. That kind of untrammeled power structure conforms more closely in practice to dictatorship, not democracy.
As Michael Hudson and Ellen Brown reveal in their analyses of the US budget debacle, Obama is pathetically doing the bidding of Wall Street – much like an errand boy  .
Brown writes: “The debt crisis was created, not by a social safety net bought and paid for by the taxpayers, but by a banking system taken over by Wall Street gamblers. The gamblers lost their bets and were bailed out at the expense of the taxpayers; and if anyone should be held to account, it is these gamblers. Continue Reading
BY JEFFREY H. ANDERSON
When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.
The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.
In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the “stimulus,” and taxpayers would have come out $427 billion ahead.
Furthermore, the council reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the “stimulus” than it has with it. In comparison to how things would otherwise have been, the “stimulus” has been working in reverse over the past six months, causing the economy to shed jobs. Continue Reading
Let’s dream: Let’s imagine that the American political leadership decides to get serious about U.S. Federal government debt reduction—crazy as it may sound.
Actually, that’s toocrazy. The American political leadership willnever “do the right thing” with regards the deficit. After all, last spring, the American political leadership couldn’t agree on a measly $50 billion worth of cuts—a mere 1.4% of the total Federal government budget.
Okay, so in order to give our daydream a veneer of verisimilitude, let’s pretend instead that the members of Congress and the president are the victims of a cunning biological terrorist attack—they are infected with trulymassive doses of both the Responsibility Bug and the Austerity Virus.
And then—under the unnatural effects of these sneaky terrorist pathogens—the American political leadership decides to cut the deficit outright, and start retiring the national debt.
Yeah: That’s much more realistic. Continue Reading