Obama’s Bushism by Michael Hudson

https://dandelionsalad.wordpress.com/

By Michael Hudson
December 8, 2010

I almost feel naïve for being so angry at President Obama’s betrayal of his campaign promises regarding taxes. I had never harbored much hope that he actually intended to enact the reforms that his supporters expected – not after he appointed the most right-wing of the Clintonomics gang, Larry Summers, then Tim Geithner, Ben Bernanke and other Bush neoliberals.

But there is something so unfair and wrong that I could not prevent myself from waking up early Tuesday morning to think through the consequences of President Obama’s sellout in the years to come. Contrary to his pretense of saving the economy, his action will intensify debt deflation and financial depression, paving the way for a long-term tax shift off wealth onto labor.

In achieving a giveaway that Democrats never would have let George Bush or other Republicans enact, Obama has laid himself open to the campaign slogan that brought down British Prime Minister Tony Blair: “You can’t believe a word he says.” He has lost support not only personally, but also – as the Republicans anticipate – for much of his party in 2012.

Yet Obama has only done what politicians do: He has delivered up his constituency to his campaign backers – the same Wall Street donors who back the Republicans. What’s the point of having a constituency, after all, if you can’t sell it?

[…]

via Obama’s Bushism | Michael Hudson

see

Wall Street’s Pentagon Papers: Biggest Financial Scam In World History – $12.3 TRILLION in taxpayers’ money by David DeGraw (must-read)

Keith Olbermann Special Comment: Obama Turned His Back On His Base + Rachel Maddow: Baseless

The Deadly, Unforeseen Consequences of Social Inequality by Murray Dobbin

Letter to President Obama On Extending Bush Tax Cuts by Ralph Nader

Bernie Sanders: There Is A WAR Being Waged Against The Working Families Of America!

Chris Hedges: The Road to Modern Feudalism

The Economy Sucks and or Collapse 2

videos

http://vodpod.com/dandelionsalad/tag/economy

http://vodpod.com/dandelionsalad/tag/inequality

http://vodpod.com/dandelionsalad/tag/tax%20cuts%20for%20the%20wealthy

President Obama on Tax Cuts and Unemployment Extension total sell-0ut

Trickledown Reaganomics FAILED! It didn’t work! – Rachel Maddow

***

see also

Obama’s Big Lie: Tax cut for rich will benefit workers By Tom Eley – www.wsws.org

7 thoughts on “Obama’s Bushism by Michael Hudson

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  5. “But there is something so unfair and wrong that I could not prevent myself from waking up early Tuesday morning to think through the consequences of President Obama’s sellout in the years to come.”

    Be afraid … very afraid fellow citizens …

  6. Feeling naive or confused is the threshold to expanding awareness.

    Being a “product of culture”–as we all are–and of a peculiar nature called human, we are vulnerable to shock and disbelief, as well as every other human emotion!

    My big challenge is patience, trusting in a process that is not predictive and CANNOT BE CONTROLLED. Some people call this process “God;” Wall Street and most of us gambol in “speculation.” I experience it as “evolving along”–existential co-creating.

    (Assessment of any kind has a brief life span.)

    Keep writing, Mr. Hudson–it’s good for all of us.

    Annie

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