First, Washington squandered our tax dollars enriching the corporate
contractors that profiteer upon unnecessary and seemingly endless wars.
The cost figure just for the Iraq imbroglio is now far in excess of $3 trillion, according to The Washington Post.
Next, Washington bailed out the big banks and the multinational
corporations that got so greedy they wrecked themselves and the U.S.
economy. How much did that cost? In addition to the initial $800 billion
shifted their way by President Bush and the Congress in 2008, there's
the little matter of the Federal Reserve's "backdoor bailout":
low-interest loans and other deals doled out to the largest banks and
corporatuions. According to data obtained by U.S. Senator Bernie
Sanders, I-Vermont, the 21,000 transactions from December 2007 through
July 2010 that totaled more than $3 trillion.
Three trillion here, three trillion there... sooner or later, we're talking about real money.
And a real big hole in the federal budget.
In 2010, the new theme of the Washington elites was that the U.S. had
spent itself into a financial mess. President Obama's "Deficit
Commission," Republicans in Congress and even some Democrats were all
saying that the country was broke and that it was going to be necessary
to put Social Security, Medicare, Medicaid and other social programs at
risk to balance the books.
That's right. They want working Americans to sacrifice in order to pay off the debts they ran up on their wars and bailouts?
And what do defense contractors and big banks get under the scenario
that is currently in play? More federal contracts, more bailouts, more
tax breaks.
The close of 2010 saw the Obama administration and congressional
Republicans working together to extend tax breaks for billionaires,
create new estate-tax exemptions for millionaires and weaken the
underpinnings of Social Security. Now, Washington is abuzz with
speculation about the prospect that the next Obama-GOP project will be a
formal assault on Social Security. Medicare and Medicaid-with an
announcement coming in the State of the Union address.
What's the proper response?
Remember who got us in this mess?
Reject the spin of those who would suggest that "entitelment programs" ever were or are the problem.
Recognize the genius of the slogan heard on the streets of European cities as governments sought to spread the pain caused by financial speculators to the whole society.
The banners declared: "We Won't Pay For Their Crisis."
That should be the starting point for any American response to the threat of austerity.
Of course, there is a place for fiscal responsibility. But there is
also a place for moral responsibility. Those who created the mess should
shoulder the burden of cleaning it up. Social Security, Medicare and
Medicaid did not create this crisis, war profiteering and Wall Street
speculation did. So before any working family sacrifices, the first
demand should be that the profiteers and the speculators pay for their
crisis.
© 2023 The Nation
John Nichols
John Nichols is Washington correspondent for The Nation and associate editor of The Capital Times in Madison, Wisconsin. His books co-authored with Robert W. McChesney are: "Dollarocracy: How the Money and Media Election Complex is Destroying America" (2014), "The Death and Life of American Journalism: The Media Revolution that Will Begin the World Again" (2011), and "Tragedy & Farce: How the American Media Sell Wars, Spin Elections, and Destroy Democracy" (2006). Nichols' other books include: "The "S" Word: A Short History of an American Tradition...Socialism" (2015), "Dick: The Man Who is President (2004) and "The Genius of Impeachment: The Founders' Cure for Royalism" (2006).
First, Washington squandered our tax dollars enriching the corporate
contractors that profiteer upon unnecessary and seemingly endless wars.
The cost figure just for the Iraq imbroglio is now far in excess of $3 trillion, according to The Washington Post.
Next, Washington bailed out the big banks and the multinational
corporations that got so greedy they wrecked themselves and the U.S.
economy. How much did that cost? In addition to the initial $800 billion
shifted their way by President Bush and the Congress in 2008, there's
the little matter of the Federal Reserve's "backdoor bailout":
low-interest loans and other deals doled out to the largest banks and
corporatuions. According to data obtained by U.S. Senator Bernie
Sanders, I-Vermont, the 21,000 transactions from December 2007 through
July 2010 that totaled more than $3 trillion.
Three trillion here, three trillion there... sooner or later, we're talking about real money.
And a real big hole in the federal budget.
In 2010, the new theme of the Washington elites was that the U.S. had
spent itself into a financial mess. President Obama's "Deficit
Commission," Republicans in Congress and even some Democrats were all
saying that the country was broke and that it was going to be necessary
to put Social Security, Medicare, Medicaid and other social programs at
risk to balance the books.
That's right. They want working Americans to sacrifice in order to pay off the debts they ran up on their wars and bailouts?
And what do defense contractors and big banks get under the scenario
that is currently in play? More federal contracts, more bailouts, more
tax breaks.
The close of 2010 saw the Obama administration and congressional
Republicans working together to extend tax breaks for billionaires,
create new estate-tax exemptions for millionaires and weaken the
underpinnings of Social Security. Now, Washington is abuzz with
speculation about the prospect that the next Obama-GOP project will be a
formal assault on Social Security. Medicare and Medicaid-with an
announcement coming in the State of the Union address.
What's the proper response?
Remember who got us in this mess?
Reject the spin of those who would suggest that "entitelment programs" ever were or are the problem.
Recognize the genius of the slogan heard on the streets of European cities as governments sought to spread the pain caused by financial speculators to the whole society.
The banners declared: "We Won't Pay For Their Crisis."
That should be the starting point for any American response to the threat of austerity.
Of course, there is a place for fiscal responsibility. But there is
also a place for moral responsibility. Those who created the mess should
shoulder the burden of cleaning it up. Social Security, Medicare and
Medicaid did not create this crisis, war profiteering and Wall Street
speculation did. So before any working family sacrifices, the first
demand should be that the profiteers and the speculators pay for their
crisis.
John Nichols
John Nichols is Washington correspondent for The Nation and associate editor of The Capital Times in Madison, Wisconsin. His books co-authored with Robert W. McChesney are: "Dollarocracy: How the Money and Media Election Complex is Destroying America" (2014), "The Death and Life of American Journalism: The Media Revolution that Will Begin the World Again" (2011), and "Tragedy & Farce: How the American Media Sell Wars, Spin Elections, and Destroy Democracy" (2006). Nichols' other books include: "The "S" Word: A Short History of an American Tradition...Socialism" (2015), "Dick: The Man Who is President (2004) and "The Genius of Impeachment: The Founders' Cure for Royalism" (2006).
First, Washington squandered our tax dollars enriching the corporate
contractors that profiteer upon unnecessary and seemingly endless wars.
The cost figure just for the Iraq imbroglio is now far in excess of $3 trillion, according to The Washington Post.
Next, Washington bailed out the big banks and the multinational
corporations that got so greedy they wrecked themselves and the U.S.
economy. How much did that cost? In addition to the initial $800 billion
shifted their way by President Bush and the Congress in 2008, there's
the little matter of the Federal Reserve's "backdoor bailout":
low-interest loans and other deals doled out to the largest banks and
corporatuions. According to data obtained by U.S. Senator Bernie
Sanders, I-Vermont, the 21,000 transactions from December 2007 through
July 2010 that totaled more than $3 trillion.
Three trillion here, three trillion there... sooner or later, we're talking about real money.
And a real big hole in the federal budget.
In 2010, the new theme of the Washington elites was that the U.S. had
spent itself into a financial mess. President Obama's "Deficit
Commission," Republicans in Congress and even some Democrats were all
saying that the country was broke and that it was going to be necessary
to put Social Security, Medicare, Medicaid and other social programs at
risk to balance the books.
That's right. They want working Americans to sacrifice in order to pay off the debts they ran up on their wars and bailouts?
And what do defense contractors and big banks get under the scenario
that is currently in play? More federal contracts, more bailouts, more
tax breaks.
The close of 2010 saw the Obama administration and congressional
Republicans working together to extend tax breaks for billionaires,
create new estate-tax exemptions for millionaires and weaken the
underpinnings of Social Security. Now, Washington is abuzz with
speculation about the prospect that the next Obama-GOP project will be a
formal assault on Social Security. Medicare and Medicaid-with an
announcement coming in the State of the Union address.
What's the proper response?
Remember who got us in this mess?
Reject the spin of those who would suggest that "entitelment programs" ever were or are the problem.
Recognize the genius of the slogan heard on the streets of European cities as governments sought to spread the pain caused by financial speculators to the whole society.
The banners declared: "We Won't Pay For Their Crisis."
That should be the starting point for any American response to the threat of austerity.
Of course, there is a place for fiscal responsibility. But there is
also a place for moral responsibility. Those who created the mess should
shoulder the burden of cleaning it up. Social Security, Medicare and
Medicaid did not create this crisis, war profiteering and Wall Street
speculation did. So before any working family sacrifices, the first
demand should be that the profiteers and the speculators pay for their
crisis.
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