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Wed Oct 17, 2012, 11:55 AM

Walter Rhett: Obama Will Make Bad Better

Barack Obama has a modest economic record and here’s why: Timothy Geithner, Lawrence Summers, and others gave him bad advice; his political people, David Axelrod, Patrick Gaspard, David Plouffe and others, had no feel for the broad suffering of America and lacked technical know-how or institutional experience in managing the world’s largest macro-economy; from Europe to Asia, global headwinds stalled job growth, the Council of Economic Advisors was a revolving door, and Barack’s own mastery and knowledge of economic fundamentals is weak. Twenty-nine million Americans looking for working is the result, a dismal record, especially four years past the Great Crisis.

Legislatively, Republicans blocked the recovery by threatening the integrity of American credit, by turning wrongheaded ideas into talking points, by ignoring truth (government does create jobs!), by passing bill after bill never destined to reach the President’s desk, bills never intended to help American families, never proposing a change in the rules that aided families burdened by mortgages and foreclosures, never stimulating demand—the key to job growth. They offered instead cuts in safety nets.

Yet the index for equity markets doubled from their 2009 bottom and more than ever companies saw record profits by 2012. Capital tells a very different story than jobs. Why the contradiction between record profits and job recovery, between community suffering and corporate swag?

Hidden in plain sight, it’s the part Mitt Romney conveniently leaves out of his message. Again, Mitt switches positions to pretend he is something he is not: he has no “know-how” about creating jobs—none. Mitt is a balance sheet guy. He creates capital—not work. He extracts capital gains—he does not increase paychecks. Wealth is profit; labor is an expense. His goal is to take out cash, not increase what workers take home. His entire corporate life, his constant activity has been extracting wealth, trading capital, increasing its return as capital gains. His ideas have a single source: profit, capital wealth...

More at: http://www.democratsforprogress.com/2012/10/17/obama-will-make-bad-better/

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Reply Walter Rhett: Obama Will Make Bad Better (Original post)
DemocratsForProgress Oct 2012 OP
lovemydog Oct 2012 #1

Response to DemocratsForProgress (Original post)

Thu Oct 18, 2012, 02:13 PM

1. Outstanding article by Walter Rhett.

I'm a progressive to the left of mainstream democrats. I voted early for Obama. This article explains why. I think as a democratic socialist, one can reconcile those beliefs and vote for the best possibility for progressive change.

A younger friend says she's progressive and won't vote. She says she doesn't want to participate in a system that's lesser of two evils. She says refusing to vote is the only way to send a message. I vehemently disagree with that view. In my view, the only 'message' that not voting sends is that the worse evil will win. I'll share this article with her.

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