Archive for the ‘Economics’ Category

Meme of the Day 4-5-17

Posted: April 4, 2017 in Capitalism

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–today’s meme courtesy of Steaming Pile o’ Trump


amazon logo

Shelf Awareness reports that Amazon.com has announced that it’s starting its “Black Friday Sale” on, yes, Good Friday.

(Actually, you can make this stuff up, but it’s all too believable, given the evil that Amazon does — the dire effects it’s had on independent bookstores and on small publishers.)


Reggie Jackson

“For the right amount of money, you’re willing to eat Alpo.”

–Reggie Jackson, quoted in The Sporting News, February 1, 1988

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(from The Heretic’s Handbook of Quotations)

Front cover of "The Heretic's Handbook of Quotations


With one of the most painful years in memory behind us, and an upcoming year that seems certain to be worse, it’s time to imagine a better world:

  • Imagine if people were responsible, self-directed adults who thought for themselves rather than followers who abdicate their responsibilities by worshiping power-grubbing sociopaths and their sacred texts (both religious and political).
  • Imagine if religious and political true believers had a live-and-let-live attitude rather than believing that they have the right, or even the duty, to impose their beliefs on others.
  • Imagine if people knew how to reason logically and allowed evidence to determine their conclusions rather than engaging in wishful thinking while ignoring inconvenient facts.
  • Imagine a world in which there wasn’t an inverse relationship between the usefulness of work and pay for it, a world in which those who do the dirtiest, most necessary work — farm workers, childcare workers, garbage collectors — were the highest paid, and parasitic hedge fund managers, day traders, and lobbyists weren’t paid at all.
  • Imagine if people wanted to hear original music or see original artwork rather than hearing or seeing things they’ve heard or seen ten thousand times before.
  • Imagine a world in which justice wasn’t a term of vicious mockery (as in “equal justice under the law”).
  • Imagine a world in which social isolation wasn’t the norm, in which architecture, housing design and patterns, the transportation system, and the economic system reduced social isolation rather than fostered it.
  • Imagine if the Ten Commandments prohibited slavery, torture, and subjugation of women rather than swearing, worshiping graven images, and thought-crime (coveting thy neighbor’s wife or ox).
  • Imagine if no one thought they were better than other people simply because they’re “the chosen,” “the elect,” “God’s people.”
  • Imagine a world in which some people didn’t make money by locking other people in cages.
  • Imagine if ethical conduct in business didn’t put you at a competitive disadvantage.
  • Imagine a society based on cooperation, voluntary association, and mutual aid rather than coercion, economic inequality, economic insecurity, and frantic accumulation of material goods (at any cost — to others).
  • Imagine an economic system that didn’t provide constant temptation to lie to and to cheat others in the pursuit of profit.
  • Imagine if the Catholic, Mormon, and other churches prohibited their members from breeding like rabbits rather than commanding them to worsen the population problem.
  • Imagine if the churches emphasized the Golden Rule rather than punishment of those who transgress their “moral” dictates.
  • Imagine if the churches’ concept of morality wasn’t focused on controlling the private sex lives of consenting adults  and instead focused on reducing harm to others.
  • Imagine if the Democratic Party was actually democratic.
  • Imagine if Donald Trump was a compassionate, ethical human being.
  • Imagine (and I know this is a stretch) that America really was the land of the free.

I’m shocked, shocked I tell you. Donald Trump has already begun to betray the people who elected him, both the racist wingnuts and those driven by economic despair.

He’s recently indicated that he won’t build a wall along the entire Mexican border (an impossibility because, among other things, the Tohono O’odhams down here in Pima County won’t let him do it on their nation–their lands extend on both sides of the border), and he’s also indicated that he’ll try to reach an accommodation with the “dreamers,” non-citizens who were brought here as children, rather than deport them en masse.

As for the people devastated by deindustrialization and the recession, Trump has raised his middle finger in salute, appointing a former Goldman Sachs executive as his Secretary of the Treasury and another as head of the National Economic Council (NEC). Revealingly, Gary Cohn, the NEC appointee, was a Hillary Clinton donor. That’s not all that surprising given that Trump is surrounding himself with Clinton backers and members of Clinton’s economic team.

And all this after he slammed Hillary Clinton for taking a $5000-a-minute speaking fee from Goldman Sachs. (Nice “work” if you can get it.)

Beyond that, Trump just appointed as Secretary of Labor a fast food exec, Andrew Puzder (yes, a real name), whose firms have been accused of wage theft and who thinks the minimum wage is too high. (Reportedly, Puzder will advocate for a system of agricultural settlements in which displaced workers will work in exchange for food they raise themselves and cabins they themselves build, under the guidance of kindly overseers.)

Those who voted for Trump hoping for economic improvement in their lives are in for some rude shocks.


Back in April, I wrote a post titled “Hillary Clinton is all but Unelectable (against any sane opponent).” It turns out she couldn’t even beat an insane opponent.

Four days ago, I wrote another post: “If Clinton loses, who’s to blame?” focusing on the betrayal of low-income working people by the corporate-servant Democrats (Bill and Hillary Clinton, Barack Obama, Chuck Schumer, Donna Brazile, Debbie Wasserman Schultz, Diane Feinstein, et al.) who’ve controlled the Democratic Party for decades.

Clinton’s water carriers will undoubtedly dismiss such analyses and will instead focus on such things as corporate money in politics, the Republican propaganda machine (Fox, Breitbart, Infowars, etc.), and Trump’s racial scapegoating. You’ll see plenty of these in-part-correct analyses in the days to come.

You’ll also see plenty of pieces by Clinton apologists drawing all the wrong conclusions about Clinton’s defeat. For a spectacular example of such wrong-headed analysis, see “The Misogyny Apocalypse” by Clinton cheerleader extraordinaire, Amanda Marcotte.

Rather, I’d argue that you can’t screw people economically for decades,  make it harder and harder for their children to attend college, ridicule them, and then pretend that you’re their friend. There are consequences for this type of behavior. Meet President Trump.

I’ve covered these matters extensively in posts over the last few years–just check the Economics category and search the site for posts on Obama and Clinton–so let’s let this go for now and examine what might happen under the Trump administration.

First the negative:

Immigration. Trump based his campaign on racism and anti-immigrant scapegoating. Here, unfortunately, he’s likely to deliver. Obama has been “the deporter in chief.” Trump will be worse, probably far worse.

Taxation. Trump wants to reduce the corporate tax rate to 15%, reduce individual income taxes across the board, and eliminate the estate tax. These things will lead to massive deficits (similar measures did under Bush the Lesser).

Global Warming. Trump is, at least publicly, a climate-change denier. Expect no action in this area.

Environment. Expect more air pollution, more water pollution, less regulation (including food-quality regulation — lack of which is already a national scandal), more fracking, more despoliation of public lands, especially in the West.

Supreme Court. One can only shudder at what’s to come here: corporate-friendly, anti-individual-rights, religious extremists (a la Scalia and Alioto).

Social Security, Medicare, Medicaid, “Obamacare”: Trump made repeal of “Obamacare” a centerpiece of his campaign. Expect grossly inadequate measures in its place (“competition across state lines,” individual health savings accounts, vouchers), expect millions to lose access to healthcare, and expect at least tens of thousands to die unnecessary deaths because of this dismantling of already-inadequate public healthcare.

Ayn Rand worshipper Paul Ryan is itching to dismantle Social Security and Medicare/Medicaid. Expect some movement in that direction. Expect Republicans to cut benefits for both Social Security and Medicare beneficiaries, perhaps eliminate Social Security as we know it for workers under the age of 45 (or 35 or 55), to at least attempt to replace Social Security with some sort of individual-investment plan (which would leave the bottom 50% or so of workers s.o.l.), and perhaps to eliminate Medicaid outright.

Reproductive Rights. Expect continued assaults on the right to abortion and even access to contraception. If Trump appoints more than one member of the Supreme Court, expect repeal of Roe v. Wade

TBGL Rights. Expect a slew of “religious freedom” measures, both federal and state, to institutionalize discrimination.

Emboldened Racists/Fascists. The KKK endorsed Trump, and in his election campaign he repeatedly endorsed and even urged thuggish behavior. Expect fascists and racists to engage in public intimidation, including physical attack, of political opponents and expect a spike in racist murders of black and hispanic people.

 

Where it’s a wash:

The Surveillance State. Despite his professed admiration for Wikileaks during the campaign, one can assume that that admiration was entirely hypocritical. Like Clinton would have, Trump will almost certainly continue the war on whistle blowers and the mass, intense surveillance of all of us.

 

Now the good news:

Believe it or not, there is some.

Foreign Policy. Given Clinton’s history of poor judgment, arrogance, war-mongering, support of coups (Honduras 2009), friendship with a notorious war criminal (Henry Kissinger), abject servility to the Israeli extreme right, support of repressive Islamist regimes (most notably Saudi Arabia), and bellicosity toward Russia, it’s hard to imagine Trump being worse. He might even end up being somewhat isolationist, which would be a marked improvement over the disastrous Bush/Obama/Clinton interventionist foreign policy.

Trade Policy. The TTP is dead. Clinton would almost certainly have pushed it, under the cover of minor changes that would have “met her objections.” Trump might push for repeal of NAFTA and other previous trade deals. But at this point, the damage from these deals is largely done. Trump might also push for protectionist trade policies, which is worrisome from two standpoints: 1) They primarily benefit corporations, who reap profits as consumer prices rise; 2) Trade wars sometimes precede real wars.

Still, rejection of further “free trade” agreements (they’re not; they’re highly managed trade agreements) is a step in the right direction.

Decline of the corporate, status quo Democrats. The engineers of the Trump/Clinton disaster will almost certainly decline in influence within the Democratic Party, and one hopes, though probably in vain, that they’ll be driven out of town on a rail. If Clinton had won, they’d still be riding high, they and their Republican co-conspirators would continue to screw working people economically, and Republicans would continue to point to the White House while pretending that they weren’t equally if not more culpable.

With Clinton and her corporado friends having delivered victory to the most grotesque major-party presidential candidate since Andrew Jackson, there will be a war for control of the Democratic Party between progressives and the servants of the corporations and 1%. This is good news: the progressives might win.

No full-blown Fascist Movement. If Clinton had won, and the economic situation of working people continued to fester, popular anger would have continued to build, with blame falling on Clinton and the Democrats. This increasing populist anger could all too easily have taken the form of an organized fascist movement. As is, the fascists remain a small, disorganized faction.

Following Trump’s victory, the pressure driving the growth of fascism is off. There will be fascist thuggery and murders in the upcoming years, but fascist factions will likely remain small and disorganized.

Trump won’t deliver on his economic promises. He can’t. His policies virtually guarantee that life will get worse for most Americans, which means he’ll likely be a one-term president. Of course, when things go south, Trump will likely fall back on racial and immigrant scapegoating. But fewer people should buy it.

When at least a substantial portion of his followers realize that Trump and the Republicans have betrayed them–as they inevitably will–and if the corporate Democrats are ousted, real change could and likely will follow.

Let’s just hope it’s change for the better.

And let’s do what we can to make it so.

 

 

 

 

 


Nomi Prins

“It’s a land lacking in meaningful structural reform of the financial system, a place where the big banks have been, and will continue to be, coddled by the government. No CEO will be jailed, no matter how large the fines his bank is saddled with or how widespread the crimes it committed. Instead, he’s likely to be invited to the inaugural ball in January. Because its practices have not been adequately controlled or curtailed, the inherent risk that Wall Street poses for Main Street will only grow as bankers continue to use our money to make their bets. In Hillary’s America, Wall Street will still own Main Street.”

Nomi Prins, author of All The President’s Bankers and It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street, “Waking Up in Hillary Clinton’s America