Bob Scheer from Truthdig just published an online article called, “One betrayal too many,” attacking President Obama and blaming him for the record number of poor who now live in the United States. I would venture to say that the title of this piece is ironic sense it evokes the emotion of loyalty. Scheer blames Obama for being too cozy with General Electric- an evil company, granted, but a major player in the global economy. They exported their jobs because they were following the advice of the Eighteenth Century economist who wrote The Wealth of Nations, Adam Smith. If it’s cheaper to do it overseas, then go for it. The corporation will accumulate more wealth, to the benefit of the home nation. There is a disconnect here. The profits of this economizing only goes to share-holders, and the nation is left with unemployed workers. Less workers means less spending and less tax revenue. Let the spiral begin. The seeds for the Depression were sewn when Clinton deregulated everything in his path with the help of Republicans like Phil Gramm. Exuberance in the markets, in this case housing, caused a bubble and when this bubble burst it left gook on everything- banks and mortgage holders, Wall Street financiers, regular folk, homeowners and workers. Poof! It’s gone. Well, let’s guess who was hurt the most by this catastrophe? The regular folks of course. There are now 46.1 million people below the poverty line.
So what if Obama is kowtowing to GE. If that’s what it takes to get them to bring more jobs back to the U.S., then it was a good days work done by the President. Scheer is the one who lacks loyalty. Can’t he see that Obama is a great man? Did FDR wave a magic wand and fix the Great Depression? No! Why? He faced a recalcitrant GOP that sacrificed the well being of average Americans in order to try and gain political power. The people in the 1930’s were smart enough to know a con (the GOP). Will they be smart enough in 2012? I hope so. Luckily the GOP seems to be walking into a buzz saw because of threats to cut Social Security and Medicare. I hope they let the Tea Baggers drag their party down into the dregs where it belongs. As for Scheer, he needs to stop drinking with Chris Hedges. Can you believe someone would be arrogant enough to publish a book with the title, “The World as it is?” Barf! Leave the ego at the door.