Thread: As US debt tops $12 trillion, Obama calls for austerity

As US debt tops $12 trillion, Obama calls for austerity


By Bill Van Auken
WSWS
19 November 2009


At the end of his visit to China Wednesday, President Barack Obama warned that the US economy faces the threat of a “double-dip recessionâ€

The conditions described by Bernanke―mass unemployment being used as a bludgeon to extract wage cuts and increased productivity from workers―is, from the standpoint of America’s ruling oligarchy, not the problem but the solution. Combined with the fiscal austerity and budget cutting policies being championed by Obama, this assault on living standards and basic rights is aimed at making American workers pay for the crisis created by capitalism.

First, this crisis was not created by capitalism. It was created by the US government failing to do its job and enforce laws and regulations already on the books (why should anyone be surprised? If the government can ignore law enforcement regarding immigration and our borders, why should they enforce any other law or regulation that might cause a special interest group inconvenience or discomfort?)

Secondly, how dare Obama pull out the old austerity pitch when he as already added 1.5 trillion dollars to the debt, and his healthcare reform crap will add at least 2.5 trillion more if either bill in congress is implemented as currently written. Is Obama backing off from Cap and Trade? Is he backing off from Card Check? Is he backing off from any of his socialistic programs that depress the economy while adding to the deficits?

This approach makes the American workers and tax payers pay for the crisis created by POLITICIANS not capitalism.

I wish Obama would practice a little austerity as he flies to 20 countries, holds weekly parties for his cronies, and has events on the White House lawn.

Secondly, how dare Obama pull out the old austerity pitch when he as already added 1.5 trillion dollars to the debt, and his healthcare reform crap will add at least 2.5 trillion more if either bill in congress is implemented as currently written. Is Obama backing off from Cap and Trade? Is he backing off from Card Check? Is he backing off from any of his socialistic programs that depress the economy while adding to the deficits?

Obama is so full of double-speak and double-crossing department heads there is nothing he can promote that will lead this country anywhere except into socialism.