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Neues Deutschland, Germany

Conservative Rollback



By Kurt Stenger

Translated By Ron Argentati

 8 September 2010

Edited by Gheanna Emelia


Germany - Neues Deutschland - Original Article (German)

Roosevelt’s “New Deal” déjà vu: President Barack Obama wants an infrastructure program to help prop up the obviously weakening economic stimulus initiatives. Large-scale rail transportation improvements are certainly needed in a country so dependent upon motor vehicles, but that alone won’t be enough to pull them out of the economic crisis. The same was true of Obama’s first and far more comprehensive stimulus program; it staved off a worst-case scenario, but it’s no longer enough. The fact that even an $800 billion stimulus package is insufficient comes as no surprise. The Republican Bush era left behind an economic trash heap — the banking and real estate crises along with monumental personal debt drove the American economy into a deep depression.

The Japanese example taught us that stimulus programs that are too small and start too late lead only to long-term dependence. The world’s third largest economy is still stuck in a deflationary cycle and its national debt has ballooned beyond belief. The United States, at least for now, is in a better position to take remedial action. Yet the conservatives, those responsible for the crisis who have thus far opposed every one of Obama’s remedies, sense they’re gaining traction. America's miserable financial situation, of all things, is their main source of ammunition despite the fact that the collapse is due more to Bush’s war policies and tax breaks than to Obama’s stimulus spending. What’s needed is an economic fresh start with a strong welfare state and a strengthened tax base. But the pundits are predicting a conservative rollback instead.



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One Response to “Conservative Rollback”

  1.  Vote: Add rating 1  Subtract rating 0   gspurlock Says:
    September 10th, 2010 at 8:58 am

    Guess again, the pri­mary cause of the dis­as­ter was the Com­mu­nity Rein­vest­ment Act enacted years ago, under Clin­ton, that forced banks to give loans to peo­ple who did not have the abil­ity to repay the loans. The finan­cial prob­lems did not begin until Democ­rats retained con­trol of Con­gress in 2006. It took them two years to tank the econ­omy, which they then blamed on Bush. The fac­tors in the eco­nomic dis­as­ter that Bush is respon­si­ble for are the lib­eral spend­ing pro­grams that he spon­sored like the Senior drug spend­ing and No child left behind.

    Free mar­kets nat­u­rally have highs and lows, but dis­as­ter is the result of inter­fer­ing with those nat­ural occur­rances. You are right about the roll-back…we are going to roll back all socialism.

    If free mar­kets don’t work, why was the U.S. the most pros­per­ous, suc­cess­ful and gen­er­ous nation when we actu­ally prac­ticed those poli­cies and not a sin­gle social­ist nation has ever achieved anything?

    Best regards,
    Gail S
    http:\\www.backyardfence.wordpress.com

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