Gilbert Mercier writes on News Junkie Post:
Congress has passed, a two year renewal of the Bush tax cuts. The bill is a nice extra Christmas bonus for the wealthiest 2 percent of Americans, and it will only amplify the monumental US budget deficit.
The logic behind the bill goes against, not only common sense but also against the global trend, notably in Europe, to cut spending and increase taxation in order to address a spreading budget crisis.
The governments of countries such as Greece, Ireland, Portugal and Spain are pushing for unpopular austerity measures, and richer countries such as the UK and France are trying to implement the same type of economic policies often by cutting social benefits and programs.
If austerity is the trend in Europe, it is certainly not the case in the United States. The US political and financial ruling class, which can be credited for starting the global financial meltdown of 2008, is still betting on the “virtues” of shock capitalism by cutting taxes and not cutting spending. What Congress did last night is quite simple: Our politicians made the decision to charge our common national credit card with a $700 billion gift to themselves and their real constituents, which are the wealthiest 2 percent Americans. And, once again, future generations will have to pick-up the astronomic tab. That is, of course, unless the United States goes completely bankrupt from 30 years of reckless financial and economic policies.
However, Americans, especially Democrats, should not be surprised at all. The new documentary “Inside Job” exposed how the same players, often switching jobs from top Wall Street executives to “public servants” rigged the system, and are still running the show. By giving Wall Street full license to operate like a Ponzi scheme, we have allowed this very dangerous symbiosis between Wall Street and Congress, where the financial sector is truly in charge of the electoral American process.
Before he became president, Barack Obama was denouncing the “Fat Cats” of Wall Street. Two years later, this hypocritical populist stand has been exposed as a lie. President Obama has, in his own economic team, some of the worst fat cats he was denouncing a while back. The de-regulators or former Wall Street executives such as Larry Summers, Tim Geithner, Ben Bernanke etc are behind all financial and economic decisions in the Obama administration, and they fully qualify as fat cats.
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