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
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Flying the Chinese-Made American Flag to Stimulate the US Economy

Economics / US Economy Feb 09, 2008 - 03:29 PM GMT

By: Walter_Brasch

Economics Walking down Main Street, pushing a grocery cart loaded with clothes, toys, and appliances was Marshbaum. Fastened to the right front corner of the cart was an American flag tied onto a three-foot ruler.


“Patriot!” he was calling out. “Step aside for an American patriot!”
“You posing as a homeless veteran to get spare change?” I asked after almost being body-checked by the cart.

“I'm doing exactly what the government told me to do,” he replied.

“The government told you to load up a shopping cart and run pedestrians off the sidewalk?”

“No, Ink-Breath, I just spent my $600 rebate check. I'm stimulating the economy just like George Bush and everyone running for re-election this year wanted.”

With almost no opposition, Congress had agreed to the President's massive rebate program. Violating almost every principle of conservative politics, except the one for self-preservation of their jobs, the Republicans willingly tossed around money in a naive belief it would slow down the recession. The plan was to mint almost $120 billion for the people, mostly to make them think they should be grateful to Big Government for its concern for the “Little Guy,” even ones making up to $250,000 a year. That $600 individual rebate was also a lame disguise to make the people overlook the $50 billion that was being distributed in the form of tax rebates for American business, a Republican pet project. Only at the last minute—and only because the Democrats demanded it and agreed not to fight the Republicans who refused to allow heating assistance for the impoverished and extra money for the unemployed—did the final proposal include $300 for each of the 250,000 disabled veterans, and $600 for each of 20 million senior citizens who didn't qualify.

The $168 billion “stimulus package,” had it not been spent on buying votes, could have given every uninsured American health care for at least a year. It could have significantly improved medical and psychiatric facilities for veterans. It could have helped rebuild New Orleans and other cities decaying from neglect. It could even have been the base for massive public works program to improve the nation's infrastructure while giving jobs to the unemployed, a program similar to what Franklin Delano Roosevelt created to bring America out of its depression. Nevertheless, no matter what the $168 billion was used for, it was less than one-third what has been spent on the invasion and occupation of Iraq.

“Marshbaum,” I asked, “how does having all this drek help the economy?”

“Just like the President demands,” he explained, “the people will be so grateful for the money they will buy things they don't need in order to help business make more money and stop a recession.”

“Isn't it likely,” I asked, “that the people will use the money to pay their mortgages or for overdue health care bills?”

“Only if they're traitors who don't want to see the end of the recession,” he said. “Me, I'm the patriot. I'm doing what I'm told.”
I picked up some of the items in Marshbaum's cart. The clothes were made in Pakistan and Thailand. The books were printed in Hong Kong. The toaster had a label, “Hecho in Mexico.” The half-dozen toys, each probably carrying unspecified amounts of lead, came from China. “Even your American flag,” I pointed out, “was probably made in China.”

“Of course it was,” said Marshbaum proudly. “Who could afford it if it were American-made?”

“This doesn't help Americans!” I said. Marshbaum was quick with his response.

“Bought them at Wal-Mart. Big Box hires Americans to sell the products. I buy the products. Two stimuli for the price of one!”

I reminded Marshbaum that last year 1.6 million Americans were laid off, most of them probably because not only was the economy diving lower than a nuclear sub, but that American companies had formed alliances with slave-wage companies in other countries to provide products that skilled union workers once made in America. Marshbaum didn't even blink.

“Cheaper products are better for Americans,” he again emphasized, and then launched a discourse about how if the products were more expensive, Americans couldn't afford them and the economy would suffer from a lack of what voodoo and government economists call “vitality.”

“If the companies hired American labor,” I reminded him, “the workers would have more money to buy more things, even if they were more expensive. The economy would recover.”

“A fifteen buck shirt is three times better than a forty-five buck shirt,” he said.

“Even if the bosses buy cheap cloth and 10-year-olds are paid pennies an hour to make shirts that the stitching falls out in two months?”

“So you buy two more shirts. No big deal. Stimulates the cash registers. More times the drawers open, the better it is for business. Now, do you have any more dumb comments or questions?”

“Just one. Why are you wheeling everything home? Is your car in the shop?”

“That's two questions, but since reporters are math-challenged, I'll answer both of them with one question.” His one question made far more sense than anything else he said this cool, windy afternoon. “With gas prices over three bucks a gallon, who can afford to drive?”

By Walter M Brasch PhD
http://www.walterbrasch.com

Copyright 2008 Walter M Brasch
Walter Brasch is a university journalism professor, syndicated columnist, and author of 17 books. His current books are America's Unpatriotic Acts , The Federal Response to Hurricane Katrina , and Sex and the Single Beer Can: Probing the Media and American Culture . All are available through amazon.com, bn.com, or other bookstores. You may contact Dr. Brasch at brasch@bloomu.edu

Walter Brasch Archive

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


Comments

steve roy
14 Mar 08, 16:27
THE STARS AND STRIPES

Hi there I would just like to say I have been PRO AMERICAN since I was young and Iam an englishman I have been told by my boss in the past if I fly the american flag,I will have to leave my job and my home as I put my stars and stripes out on JULY 4th 2006 I was promtly told take it down OR LOOSE my job and home yet others were allowed to fly the english football flags in 2006.I was also not to put the flag any were on the window so the public can see them It realy did get to me as even others were I work said it was TOTALY WRONG YET the next year 2007 I STOOD to my guns and floo the american old glory as its cold as I will do this year YET I work for a charity which is supposed to be helping people not suppressing the people YOU WOULD BE VERY AMAZED IN WHAT ENGLISH CHARITY IT IS you would think again if thay are doing what thay tell the public,so what do you think I would welcome your input very much thank you STEVE ROY in the UK,


Post Comment

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