Daily Archives: July 7, 2012

Jobs Report: Challenge Congress to Act, Obama to Fight

The Nation Of Change has the article Jobs Report: Challenge Congress to Act, Obama to Fight.

As former White House Council of Economic Advisers chairman Laura Tyson wrote earlier this week, “Congress left at least one million jobs on the negotiating table” just in the past year alone, thanks to congressional Republicans who are “holding unemployed workers hostage to the outcome of November’s election.”

That is almost enough jobs to close the jobs deficit we’ve been calculating since January, based on the number of jobs the economy would have to create on average each month—about 400,000—to bring the unemployment rate down to 5 percent by the end of 2014. From January to May, the economy created a net 832,000 jobs; to be on pace to meet the 5-percent-in-2014 goal, the economy should have created 2 million jobs.
But let’s not wait for Obama to lead. We have to push. Start by confronting members of Congress this weekend, before they return to Washington for more right-wing political grandstanding such as “repealing Obamacare,” as well as candidates running for Congress. Ask them whether they will take steps to put people to work on the work that needs to be done, or will they push instead for policies designed to enrich the already rich, while imposing austerity on everyone else. It will be up to us to make it clear to every politician, from Obama down to the freshman House candidate, that political reward only lies in support of an authentic middle-class jobs agenda.

One of the major messages of this blog, is that we can’t just choose between politicians at election time.  We need to push the elected politicians to go down the right path.  If we had gathered together to push Obama to fight harder, then the Republicans would not have had the courage to block his every move.  If we cannot stay focused on fighting this battle, then the battle will go to the only side that can stay focused.

The more the focused side can keep you worrying about your financial stability, the less you can focus on the root cause of the instability.  The root cause is the attack by the Republicans and their supporters on your middle-class life-style.

Pushing Congress to Create Jobs, Keep College in Reach for Middle Class

President Obama discusses legislation he signed on Friday that does two important things: It keeps thousands of construction workers on the job rebuilding our crumbling infrastructure, and it stops interest rates on federal loans from doubling this year for more than seven million students.

We can blame President Obama for the economic performance brought on by Republican blockage in the Congress, or we can solve the problem by getting rid of the blockage. The solution is in the hands of the voters.

If you, as a voter, cannot figure out where the problem lies, then you surely won’t be able to figure out what the solution is. How hard are you working to understand the biggest political issue you may face in your lifetime?

On Tricky Terrain of Class, Contrasting Paths 1

The New York Times article On Tricky Terrain of Class, Contrasting Paths addresses the issue of how to play the class warfare story in the Presidential campaign.

Most of all, even Mr. Obama’s inner circle seems cognizant of the risks of making wealth an issue. Asked whether Mr. Obama’s emphasis on fairness for the middle class and his contrast with Mr. Romney pushed that line, Mr. Axelrod replied: “It is not right to say that to work for and hope for and fight for some basic economic security means that you resent people who’ve done very, very well.”

I was at a birthday party today listening to some people complain about not even being able to get a full day of vacation off from work to attend a son’s wedding, even though the vacation time had been asked for many months in advance.  Those same people who didn’t like the way management was treating them, then turned around to say how much they did not like President Obama.

At the same party today, I also heard a story of a violent confrontation at an auto service station between an irate customer and a technician who insisted on applying the testing standards that the law demands.  Because the customer who was launching the attack was a person of color, President Obama was blamed for letting “these people” into the country.

My bet is that the party goers’ inability to put two and two together to see where the work pressure is coming from are being blinded by their prejudice. If  there are not enough people who can put their prejudice aside so that they are able to figure out who is for them and who is not, then the Democrats haven’t got a hope.

So, while there are risks in President Obama focusing on the attacks being made on the middle class by the ruling capitalists, it is the best and most honest focus.  If the American people are not ready for such honesty, maybe they need another dose of Republican control to wake them up.  Talk about a little shock therapy.

I’d be willing to let the people have their shock therapy if I weren’t forced to accompany them through the treatment.

Crime of the Century

I found the article Crime of the Century by Robert Scheer on the Truth Out web site.

How to explain a $450 million settlement for one bank whose defense, in a plea bargain worked out with regulators in London and Washington, is that every institution in their elite financial circle was doing it? Not just Barclays but JPMorgan Chase, Citigroup and others are now being investigated on suspicion of manipulating the Libor rate, so critical to a $700 trillion derivatives market.

Remember how upset the Republicans are about this country’s $14 trillion debt?  That number doesn’t look so big when compared to the “$700 trillion derivatives market”, does it?

Both Citigroup and JPMorgan Chase were reported by The Wall Street Journal years ago to be suspected of rigging the Libor interest rate. The leaders of those banks, despite such media exposure, clearly remained confident enough to continue on their merry way.

The sad reality is that they will probably get away with it. The world of high finance is by design as obscure and opaque as the bankers and their political surrogates can make it, and even this most recent crack in their defense of deception will soon be made to go away.

My blog posts castigating the world of high finance may start to sound repetitive.  It is because these articles are so easy to find.  May be the repetition will finally start sinking into the minds of the voters.