(PROUT Globe, June 4, 2011) – The White House has said unemployment in the US is “uncomfortably high”. The pathetic admission came as the latest catastrophic American labour market figures were released yesterday.
The news set off dumping of shares on Wall Street amid speculation that the authorities would be forced into a third round of electronic money creation (quantitative easing) to bring down unemployment.
The real bad news for the US jobless is that unemployment is here to stay and will only increase. “Capitalism is for maximizing profits. Wall Street, which caused the U.S. manufacturing and service jobs to shift offshore, will never allow those jobs to come home,” says author Susmit Kumar.
Economist Ravi Batra has noted: “A Weapon of Mass Exploitation (WME) that our government has systematically used to reduce our living standard is outsourcing; we can impose a stiff tax on this practice and raise even more revenue. This would also enable us to trim the tax burden of low-income groups.” (Truth Out, May 2011)
At this time President Obama must find himself to be at war with American private finance as far as creating jobs at home is concerned. As US politicians are wholly paid for by private capital, vote buying, etc. this is an impossible conflict of interests where only short term profit motivation can win. Long term socio-economic planning is nowhere in sight in America.
The only solution for the ills of global capitalism is a system shift towards economic democracy and people’s economy.