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09.20 Al Gore Is Still Optimistic [24:06 video; rather than future Frankenstein governments, how can we better ensure having brilliantly efficient & competent governments?]

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09.20 EU must end new petrol and diesel car sales by 2030 to meet climate targets – report

09.19 Air pollution linked to much greater risk of dementia

09.19 Shell and Exxon's secret 1980s climate change warnings [that capitalists suppressed this for continuing profit is the most unforgivable crime ever]Trump administration rolls back methane pollution rule despite harmful health impacts [continuing in the tradition of stupid capitalism at all costs]

09.18 'I was horrified that children are breathing air this dirty inside the school' [if your government isn't working, change it!]

09.17 California plans to show the world how to meet the Paris climate target

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09.16 Air pollution particles found in mothers' placentas

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09.20 Morning Edition’s Think Tank Sources Lean to the Right

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09.18 Voters Are Ready for a Green New Deal. Are Democrats?

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09.18 You'll miss Trump one day

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09.20 Trump Should Be More Worried About the Brennan Dossier

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09.18 'Unconscionable' and 'Appalling': In Affront to Those Fleeing US-Backed Wars and Persecution, Trump Slams Door on Refugees

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  Print view: Let's Fix America's Rotten Business Plan
OP-ED:

Let’s Fix America’s Rotten Business Plan

by Marc Cherbonnier
Wednesday, 6 October 2010
America’s business plan is totally corrupted to serve off-shoring corporations for maximizing profit and swelling GDP, which now stands for nothing because it is disconnected as a metric measuring national economic health and good jobs.

America’s business plan--its business formula--is totally corrupted to serve off-shoring corporations for maximizing profit and swelling GDP, which now stands for nothing because it is disconnected as a metric measuring national economic health and good jobs. Meanwhile the quality and pay of American jobs is in free-fall, as even high-technology, science and engineering jobs are off-shored. Entire divisions of our largest tech companies are being off-shored to Asia to increase profits without restriction or tax penalty.

Yes, our recent college graduate kids can still find jobs more readily, but these are not the quality of jobs a prior generation could expect—many college-level jobs have been off-shored to Asia to reduce labor costs. Only children of the elites/well-connected have a good shot at high-income careers in the U.S. (not counting lucky good actors and professional athletes).

Most of our not well-born/well-connected college graduates carry very high college debt and have little option but to take low-paying jobs in retail or commission-only sales to make minimum loan interest-only payments, because so many well-paying high-tech engineering and science jobs have left the country.

Meanwhile, there is the phenomenon where profits earned off-shore doesn’t even return to the U.S., thus avoiding paying corporate taxes while at the same time depriving domestic banks of deposits to leverage to make loans against would-be greater assets, thus tightening the credit market more than natural, exacerbating recession recovery.

With the recession thus continuing, deficits hard to reduce, and more needed job stimulus not passable in Congress, we must print more and more dollars to keep interest rates low so our economy doesn’t go over the cliff. But this feeds the fall in the dollar’s worth compared to other currencies and gold, and devalues our savings. It will, however, make paying the debt easier with devalued currency, provided interest rates are kept low and incomes and tax revenue go up. The number of “ifs” are stacking up.

And now, after the Citizens United ruling by the Supreme Court, our “patriotic” corporations can shovel unlimited money into election campaign ads, making it near-impossible to change government through elections, especially since sympatico corporations control America’s mainstream media.

So the public will never understand how much they are being lied to about such hugely important issues. They will never understand, for example, that profits of “American” corporations mean nothing positive to American families in terms of jobs or income for their children. Rather, the opposite has happened; “our corporations” are creating jobs in lower-wage countries instead of at home.

Recent news reports say that Republican PACs run by Karl Rove, Dick Armey and their ilk have been raising four times more corporate money from corporations than the Democrats, and they are about to unleash a new wave of negative ads to defeat even “conservative" Democrat candidates striving to curry corporate support.

Simple legislation we must do NOW can solve many of these problems and decrease the deficit:

  • legislate constraints/tax penalties for off-shoring desirable jobs
  • reduce tax penalties to repatriate foreign earnings to ease lending constraints
  • legislate major restriction of corporate influence of election candidates, campaign outcomes, and the actual writing of legislation
  • legislate elimination of corporate ownership and influence of mainstream media
  • institute a “Tobin Tax” on all financial transactions to create a bailout fund and to reduce the current deficit to help pay for larger social/medical entitlements due to the greater number of boomer retirements, the tax is ideally implemented in concert with a same or similar tax for the same purpose on all stock markets. Lower deficits will reduce currency devaluation.

Mr.Cherbonnier is the web editor of this newspaper.



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This story was published on October 6, 2010.
 

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