Thursday, June 09, 2011

Blackmail Economics

I have never been partial to the phrase blackmail, when historically, it seems like white oligarchs are the ones mainly undertaking such actions and folk the color black aint have no part in defining. But that is another story, and for lack of something new to assist in the accretion of incident promoting a general comity of understanding, blackmail will have to suffice.

Now *I must admit, over the past four years I was troubled by the economic landscape prior to the abyss instituted via the Bush administration, and likewise, suspect of the assertions made by the Obama administration to solve these issues. Even worse is what I see on the side of the GOP that seems to purport that verbose vehemence objecting to any action by any party is what America needs to grow jobs.

My main consternation is that the GOP offers no solutions to solving the problems of the economy or creating jobs and that Obama obviously has no real comprehension of economics. Not that I do, but my layman understanding seems to be advanced placement compared to the house GOP and the present administration. Also is the observation that in order to prove a point, even if it is to get Obama out of the Whitehouse, it seems they will do anything – even black mail. I mean no matter how you look at it saying they will not raise the debt ceiling without spending cuts is extortion.

As the debt ceiling fight continues, Republicans are playing down the effect a default could have on our national economy. Rep. Ron Paul (R-TX), when asked about what would happen if we pass the August 2nd deadline without raising the debt ceiling noted that it could be a “positive thing” because it would show we’re “serious.”

Yes it is serious out here Mr. Paul. This while recent housing and employment data notes we are struggling and may even is close to a double dip recession. Albeit under employed folk like me see the dips melted together for it still feels the same. Not to mention I suspect home prices have much further to fall. The President is not out of the clear either. Just this week he indicated that the US would provide US financial support to bail out Greece. This after he has tripled the US deficit and we have 9.1 percent unemployment.

After a meeting with German Chancellor Angela Merkel, The president said, “I’m confident that Germany’s leadership, along with other key actors in Europe, will help us arrive at a path for Greece to return to growth, for this debt to become more manageable,” Obama said.

“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”

I find it hard to believe that the Democrats or Republicans, regardless in the House or Pennsylvania Avenue do not see that they are holding the American citizenry hostage. Things are not getting any better for most of us and it will only get worse. Three years ago I wrote an essay describing these times called “Real n the Field.” It is that time.

Just this past Memorial Day weekend, across the nation looked like places in the Middle East. There were reports of serious violence in Miami, New York, Chicago, Charlotte, Myrtle Beach, Nashville and even Boston. In Washington recently a teenager shot her Dad with a hunting bow when he took her cell phone. Approximately, 45.1 percent 4 of all unemployed Americans have been out of work for at least six months. That is a higher percentage than at any point during the Great Depression.

Not to mention that the average price of a gallon of gasoline in the United States was is a little under $4.00 compared to $1.88 in 2009 and the cost of food and energy have risen at an annualized rate of 17 percent over the past six months. According to the World Bank, the global price of food has risen 36% over the past 12 months. And this doesn’t include the problems with floods, natural disasters, droughts, food shortages or our actions abroad. Yea, we are being black mailed by politicians on both side of the aisle and the only thing that makes them different from us is that they are inside the beltway with a direct flight to Wall Street.


Noel said...

As usual, great commentary Torrence - I do, however, question your statistic about the unemployed for at least 6 months percentage of the unemployed. I did read the CBS report ( wonder if it's statistics management. My meaning is that due to the substantially higher unemployment rate during the Great Depression (25-37%), that was the more important factor given the much highers numbers. You're the stats master so let me know if I'm looking at this wrong.

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