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Written by Richard R. Oswald
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Thursday, 24 January 2008 |
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Congress and the President are negotiating a stimulus
package that it appears will devote about two thirds of its cost to food
stamp increases, unemployment benefit increases, and individual tax rebates. While most Democrats argue that
stimulating the economy in a recession is best accomplished from the bottom up,
conservatives are still talking about cutting capital gains and other taxes for
business in order to create new jobs.
We’ve created a whole raft of new jobs; the trouble is that most
of them are somewhere else. Leaders who stake recovery to the premise of
new employment opportunities should specify which country they’re aiming for.
The free pass of liberalized trade, offered to big business and
foreign governments, is not helping the US today as we appear poised to
borrow more than 1% of the GDP to spur recovery. Can we borrow our way to prosperity on foreign held dollars when our lenders hold trade policy hostage?
Government policy that denies real economic power to its own
people is destined to fail.
The people of the United States know that. How long
before their leaders do?
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