Continued Political Gridlock Will Doom The American Economy

Dec 03, 10 Continued Political Gridlock Will Doom The American Economy
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The jobless rate inched closer to 10% as shown by the release of November’s unemployment rate. Inexplicably, this comes as shock to many politicians and pundits lulled by earlier news of tepid economic progress. The economy is in a state of emergency and our corrupt corporatocracy is too gridlocked to do anything about it. Meanwhile, millions of unemployed Americans are losing their meager benefits because Republicans in Congress are blocking an extension of unemployment benefits. They are fighting to keep the Bush era tax cuts in place for the top 1% of wage earners. If the Republicans succeed, this extension would add nearly $1 trillion to the deficit.

We are in dire financial straits. Conservative Democrats and Republicans want to impose severe austerity measures that would put even more pressure on middle and working class Americans who are already struggling to make ends meet. Robert Reich published a must-read post detailing how bad the situation is outlining very specific measures that would fix our economy and get it growing again. Yet, no one in the supposedly liberal Obama administration is seriously considering any of these measures. This is a clear sign of how corrupt and broken our system has become.

If the Republicans and a few Democrats have their way, the Bush tax cuts will be made permanent for the top earners and millions of Americans will be left without any social safety net. States are already slashing Medicare and Medicaid benefits, laying off workers, and cutting back on critical services. What the Republicans intend to do to the economy is untenable. So is two years of gridlock. Various bloggers and pundits who I respect do not believe that things are going to get much worse. I am not optimistic at all. As long as our political leaders lack the courage, conviction, and/or desire to buck their corporate masters, there will be no political will to make the substantive changes necessary to fix our economy and give everyday people the help they need to be successful.

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