Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
The Stock Market Bear / Crash indicator Window - 9th Mar 25
Big US Tech Stocks Fundamentals - 9th Mar 25
No Winners When The Inflation Balloon Pops - 9th Mar 25
Stocks, Crypto and Housing Market Waiting for Trump to Shut His Mouth! - 27th Feb 25
PepeCoin (PEPE): Anticipating Crypto Reversals using Elliott Waves - 27th Feb 25
Audit the Fed, Audit Fort Knox, Audit Everything - 27th Feb 25
There Are Some Bullish Indicators in the Silver Market - 27th Feb 25
These Metrics Identify Only 10 AI Related Stocks That Are Undervalued - 27th Feb 25
Stocks, Bitcoin, Gold and Silver Markets Brief - 18th Feb 25
Harnessing Market Insights to Drive Financial Success - 18th Feb 25
Stock Market Bubble 2025 - 11th Feb 25
Fed Interest Rate Cut Probability - 11th Feb 25
Global Liquidity Prepares to Fire Bull Market Booster Rockets - 11th Feb 25
Stock Market Sentiment Speaks: A Long-Term Bear Market Is Simply Impossible Today - 11th Feb 25
A Stock Market Chart That’s Out of This World - 11th Feb 25
These Are The Banks The Fed Believes Will Fail - 11th Feb 25
S&P 500: Dangerous Fragility Near Record High - 11th Feb 25
Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump - 10th Feb 25
Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season - 10th Feb 25
Liquidity and Inflation - 10th Feb 25
Gold Stocks Valuation Anomaly - 10th Feb 25

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Obama’s Delusions on The Economy and Iraq

Politics / US Politics Aug 22, 2010 - 06:09 AM GMT

By: Shamus_Cooke

Politics

Best Financial Markets Analysis ArticleIf you’ve listened to recent speeches the President has given about the economy and the Iraq war, you’d think that two of the biggest social issues facing working Americans are improving.  But facts are stubborn things.

Take for example the numbers of jobs lost in the last two months: 221,000 in June, 131,000 in July.


Instead of taking the drastic measures needed to stop the continued hemorrhaging, the President had this to say on August 5th:

“Even though it's going to take years to repair all the damage caused by this recession, I am absolutely convinced that this nation is finally headed in the right direction. Our economy is growing again. We are adding jobs again [!]. America is moving forward again…”

Since Obama has access to the above job numbers, we must assume that he is either delusional or lying. We also cannot attribute this comment to a one-time slip of the tongue, because Obama has essentially made the same speech several times while promoting Democratic candidates nationwide.

Contrary to his recent statements, Obama has not improved the economy.  He has overseen a catastrophic destruction of jobs on a state-by-state basis, in part due to state budget crises and the pathetic lack of response on the national level: Obama’s first stimulus was under-funded and misdirected (too much emphasis on tax cuts for businesses, etc.), while Obama’s recent “stimulus”— only $26 billion — is simply farce.          

The state budget crises are not over; many states are projecting long-term deficits in the billions of dollars that, if left untouched, will contribute further to the massive unemployment that continues to drive down wages for the employed workers.

In fact, the U.S. economy is in such sad shape, it was recently announced, that call center workers in India now make a similar wage to their U.S. counterparts, while autoworkers are being pressured to make 50 percent wage concessions.

When it comes to the Iraq war, Obama is equally off kilter. He recently announced the end of “combat operations” in Iraq, which we are meant to interpret as “mission accomplished.”

Meanwhile, we are told, 50,000 troops will stay in Iraq — along with unknown thousands of “private contractors”(mercenaries) — capable of conducting “counter-terrorism operations.”   But the war has been advertised as one giant counter-terrorism operation for years, meaning, that very little has changed.  

Obama’s Bush-style war propaganda will do nothing to impress the Iraqis, who still live in a war-torn hell-hole, with over a million dead, millions of refugees having fled the country, while the remaining inhabitants are left to rot in a destroyed economy lacking widespread access to jobs, water, sanitation, electricity, etc, etc.

Of course, the troops leaving Iraq will simply be shifted to Afghanistan, while the troops staying in Iraq will be there to prop up a government that functions in limbo, lacking all authority outside the violence it learns from the remaining U.S. “trainers and advisors.” Middle East Journalist Robert Fisk adds:

“[The U.S.] injected Iraq with corruption on a grand scale. They stamped the seal of torture on Abu Ghraib — a worthy successor to the same prison under Saddam's vile rule… They sectarianised a country that, for all its Saddamite brutality and corruption, had hitherto held its Sunnis and Shias together.”

In short, the U.S. invasion of Iraq has made things worse for Iraqis, and Obama is selling the war as a victory as he recklessly dashes over to Afghanistan to repeat the atrocity.

The hundreds of billions of dollars that Obama will use to wage war in Iraq and Afghanistan could just as easily go to create jobs in the United States: public works could be financed by the government, as they were during the last Depression, that directly create jobs.  The war money could also go to states suffering massive cutbacks in social services and public education.   If working Americans sit idle, nothing will change, since power concedes nothing without a demand.  

On October 2nd workers will directly confront the Obama administration over the above policies.  Hopefully, these nationwide demonstrations, organized by the One Nation coalition, will begin a movement that challenges the corporate agenda we’ve suffered under for decades.  Some in the coalition will attempt to channel the momentum to elect Democrats in November; the majority will demonstrate to challenge the policies of both the Democrats and Republicans. For more info: www.onenationworkingtogether.org  

Shamus Cooke is a social service worker, trade unionist, and writer for Workers Action (www.workerscompass.org).  He can be reached at shamuscook@yahoo.com

Shamus Cooke is a frequent contributor to Global Research.  Global Research Articles by Shamus Cooke

© Copyright Shamus Cooke , Global Research, 2010

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in