Ironically, the very New Deal legacy that austerians work to euthanize in the U.S. is the chief thing that has prevented the country's economy from completely crashing.
In the name of compromise, bipartisanship and the satisfaction of a ruling class that is indifferent to the suffering of ordinary Americans, President Obama is ready to sell parts of Social Security and Medicare in his attempt to strike an annual budget that satisfies Republicans and reduces the long-term deficit by $1.8 trillion over 10 years, administration officials say.
Recent polls show Americans would rather reduce the deficit by raising taxes than by cutting Medicare, Medicaid, Social Security, education and transportation. Yet Congress seems incapable of making that kind of deal. Some 65 percent of Americans want to raise taxes on large corporations, but both parties are heading in precisely the opposite direction.
If there was ever a time for the Democratic Party to champion working Americans and reverse these troubling trends, it is now — forging an alliance between the frustrated middle and the working poor.
Sequestration is only the start. What the tea party set out to do was not simply change Washington but eviscerate the U.S. government -- “drown it in the bathtub,” in the words of their guru Grover Norquist.
Most of us early boomers had planned to retire around now. Those born a few years later had planned to retire in a few years. These plans have gone awry.
Brace yourself. In coming weeks you’ll hear there’s no serious alternative to cutting Social Security and Medicare, raising taxes on middle class, and decimating what’s left of the federal government’s discretionary spending on everything from education and job training to highways and basic research.
This week on Truthdig Radio in association with KPFK: The progressive plot to save representative democracy, China's retirement bomb, Republican junk science, and doping in sportscom/avbooth/category/truthdig_radio/" title="Truthdig Radio">Truthdig Radio: The progressive plot to save representative democracy, China's retirement bomb, Republican junk science, and doping in sports.
It has become accepted economic wisdom, uttered with deadpan certainty by policy pundits and budget scolds on both sides of the aisle, that the only way to get control over America’s looming deficits is to “reform entitlements.”