Trumponomics and Wall Street Rejoices

Share the joy
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Trumponomics and Wall Street Rejoices
by Rudolf Hickel and Lukas Hermsmeier

https://www.indybay.org/newsitems/2018/11/05/18818782.php

Economics should be a part of life, not a steamroller crushing creativity and self-determination. The state should serve the public interest and reduce poverty. Instead, private or special interests are in the driver’s seat. Reduced working hours could be a socio-economic investment bringing better long-term health and more time sovereignty. Economist John Maynard Keynes in 1930 thought the 15-hour work week would be enough thanks to higher productivity and technological innovations.

Trumponomics is a disaster that is really a sleight of hand. $8 trillion was given to the super-rich. There were no hearings, compromises, concessions or countermeasures in the GOP tax bills. Corporations spent between $6-7 trillion buying back their own stock (cf. Ralph Nader). The poor, seniors, children and students are under a vicious attack.

Marc on Nov 7

The GOP attack on the welfare state drove Democrats to vote in record numbers. Democratic voting was up 9.2%, the highest increase since 2010. The GOP attack on the welfare state fueled the Great Refusal, the product of the Great Unraveling! Truth comes to the GOP tonight and the Party of Trump is dumped in the dustbin. Up and down the East coast and in the Mid West, districts that Trump won by 20% went to Democrats this year.

Shouting “America First!” is no replacement for foreign and domestic policy, for balancing interests and redefining priorities. Profits explode while investments (particularly public investments) stagnate. The nature of neoliberalism is misanthropic. We clean the outside of the cup and leave the inside filthy. We see the speck in the Central American’s eye and not the militarism and selfishness in our own eye. We are awash in the bitter fruits of the myth that only owners of capital have enforceable rights.

Trump, the chronic liar (8.3 a day for 600 days according to the Washington Post), the bankrupt casino owner, and pathological narcissist should be embarrassed and upended by our media. Instead, he is given a platform worth billions and wages a war on the poor, seniors, children and students, the Departments of Education and the Environment, language, and democracy.

The midterm elections on Tuesday will show whether the people understand that $8 trillion in the GOP tax bills was given away to households with over one million dollars income. For the first time, there were no hearings, compromises, concessions, or countermeasures as procedural justice was consigned to the dustbin.

Trump has been a never-ending fountain of lies and vulgarities. He travels from city to city with terrible things to say about all other countries, other leaders and his girlfriends! Maybe the Trump party will be sent to the dustbin!

Video: Beautiful Country Burn Again, 39 min
Ben Fountain, booktv.org event from 10/13/2018

https://www.c-span.org/video/?452867-6/beautiful-country-burn-again
The Great Depression required reordering society with a social democratic state, strong anti-monopoly laws, a robust social safety net, collective bargaining, and strong unions. In the 1950s Americans got a higher share of the fruits of productivity. Grover Norquist doesn’t realize what holds him up.

Progressive government gave clean water and raised life expectancy. FDR was elected in a democratic movement. Our politics has been degraded in the past 18 years. Americans are working more hours; corporate profits soar and wages haven’t risen since the 1970s.

This entry was posted in Financial Market Capitalism, Political Theory. Bookmark the permalink.