The Silence of the Elites

http://www.thenation.com/blog/164053/silence-elites

Nero’s fiddling while Rome burned may be nothing compared to the folly of Washington and Wall Street’s inaction while the world economy teeters on the verge of global depression. No wonder the Occupy Wall Street demonstrators have spread across the world. By raising a din, they might wake folks up.

Last week, yet another filibuster by Republican senators blocked even a debate on President Obama’s jobs bill, which is already modest in the extreme. More than half of the bill would simply avoid making things worse—extending the payroll tax cut and unemployment insurance, and trying to limit layoffs of teachers and police officers next year. Without the extensions, the cuts in government spending and hikes in taxes would reduce an estimated 2 percent of GDP from growth next year—at a time when the economy is already near a standstill.d

A good portion of the bill would provide tax breaks for businesses. And a far-too-small part would provide money for building schools, roads, sewers and other infrastructure projects that will put some people to work.

Feeling some heat, Republican senators released their version of a jobs act, which offers up sacrifices to the business gods. It would repeal financial and healthcare reform, suspend regulations across the board and advance a balanced budget amendment to the Constitution. And Senator Rand Paul (R-Ky.) promises, with some Kentucky magic, that it would produce 5 million jobs.

Disgusting.


K&R