Mr. Obama's Most Recent "2%" Sellout is his Worst Yet | Michael Hudson

Mr. Obama's Most Recent "2%" Sellout is his Worst Yet | Michael Hudson
"Alas, the Obama administration has backed the Geithner-Bernanke policy that 'the economy' cannot recover without saving the debt overhead. The reality is that it is the debt overhead that is destroying the economy. So we are dealing with the irreconcilable fact that the Obama position threatens to lower living standards from 10% to 20% over the coming few years – making the United States look more like Greece, Ireland and Latvia than what was promised in the last presidential election.

"Something has to give politically if the economy is to change course. More to the point, what has to give is favoritism for Wall Street at the expense of the economy at large. What has made the U.S. economy uncompetitive is primarily the degree to which debt service has been built into the cost of living and doing business. Post-classical 'junk economics' treats interest and fees as payment for the 'service' for providing credit. But interest (like economic rent and monopoly price extraction) is a transfer payment to bankers with the privilege of credit creation. The beneficiaries of providing tax favoritism for debt are the super-rich at the top of the economic pyramid – the 2% whom Mr. Obama's tax giveaway will benefit by over $700 billion."

To make a long story short, Obama is helping to continue the robbery of Peter (you) to pay Paul (the banksters) all via obvious means that most people are just too busy trying to have any sort of life to absorb and comprehend. The banksters love it that the common people are absorbed by inane TV shows and sporting events and such and are not paying attention concerning why buying a new TV is harder and paying for those sports tickets is a luxury while the banksters sit in the skyboxes marveling at how clever those banksters are.

Scott Rickard

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Tom Usher

Thanks, Scott!

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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