[Marxism] From Global Research: America's Fiscal Collapse

Jerry Wells jeremy at infowells.com
Mon Mar 2 20:54:25 MST 2009

N.B.:This well documented article sheds light upon the dire consequences 
of Obama budget priorities.

America's Fiscal Collapse 
by Michel Chossudovsky
Global Research, March 2, 2009

At first sight, the budget proposal has all the appearances of an
expansionary program, a demand oriented "Second New Deal" geared towards
creating employment, rebuilding shattered social programs and reviving
the real economy. 

Obama's promise is based on a mammoth austerity program. The entire
fiscal structure is shattered, turned upside down. 

To reach these stated objectives, a significant hike in public spending
on social programs (health, education, housing, social security) would
be required as well as the implementation of a large scale public
investment program. Major shifts in the composition of public
expenditure would also be required: i.e. a move out of a war economy,
requiring a movement out of military related spending in favour of
civilian programs. 

In actuality, what we are dealing with is the most drastic curtailment
in public spending in American history, leading to social havoc and the
potential impoverishment of millions of people. 


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