AlterNet: Will Only Another Great Depression Save America?

[marmar]

AlterNet / By David Rosen

Will Only Another Great Depression Save America?
The economic crisis is really a political struggle between the rich and the rest of us.

January 20, 2011 |


Americans are increasingly aware that the Great American Century is over. A November 2010 Rasmussen poll found that just over one-third (37 percent) of respondents believe America's best days are still ahead. Sadly, nearly half (47 percent) say the nation's best days are in the past. They wonder what will come next.

Officially, the Great Recession started in December 2007 and ended in June 2009. Unofficially, the living recession grinds on with millions of Americans remaining unemployed and underemployed, millions continuing to lose their homes due to foreclosure, and millions more joining the legion of the homeless, hungry and those without health care. The U.S. is today marked by second-rate health care, educational and telecommunication systems.

The question haunting America is simple: if the American Century is over, what comes next? Will only another Great Depression save America?

* * *

The American Century was, symbolically, predicated on the Ozzie and Harriet myth of suburban home ownership; the popping of the housing bubble precipitated the Great Recession. As the myth of home ownership evaporates, the American Century ends. ..............(more)

The complete piece is at: http://www.alternet.org/economy/149586/will_only_another_great_depression_save_america/

[CanonRay]

1. Add to the list of 2nd rate systems:

Rail lines
Power Grid
Roads and Bridges

and probably more I can't think of right now.

[Myrina]

3. ... more ...

Educational system
Food safety
Job safety
Neighborhood safety (Police/Fire reductions)
Environmental safety


...

[Laelth]

2. A recession is when the poor and middle class suffer.

A depression is when the rich suffer too.

Right now we're in a deep recession, while the rich are celebrating the recovery of the Dow. Only when the rich feel the pain too will we see any real change.

As I argued here: http://laelth.blogspot.com/2011/01/turning-american-ship-of-state.html

-Laelth

[LongTomH]

7. I'm reading your blog post now!

+1000 Excellent analysis! I'll be looking for your posts from now on!

Edited to add: I'm glad you do hold out some hope for another 'Turn to the Left!"

[Laelth]

9. Glad you enjoyed it.

As MLK said, "The arc of history is long, but it bends toward justice."

More here: http://journals.democraticunderground.com/Laelth/40

-Laelth

[BobbyBoring]

12. One thing I noticed

After reading your blog. Nearly everything you mentioned that FDR enacted is on the chopping block in the rethugs budget slash~

[Laelth]

13. Some of LBJ's programs too ...

... the National Endowments, Legal Aid, PBS. The Republicans are very clear about their desire to undo nearly all the liberal achievements of the 20th Century. What makes me angry is that the Democratic Party is helping them do it.

-Laelth

[Demeter]

10. The only reason the rich aren't suffering

is they stole the Treasury and divided it amongst themselves.

If their fraudulent banks had been liquidated, they would have been hurting real bad. Before the bailout, they were down $13T in total...and how much was that bailout? Why, $13T and change, and its still going on today...

[BobbyBoring]

11. A Must Read!

What a well thought out piece. Something that should be read by everyone regardless of their beliefs. Throughout world history, when the balance of power got out of hand, the proletariat rose but as you say, ours' is just too "Busy" and dumbed down, all by design~

[Laelth]

14. You're very kind. I am glad you found it enlightening. n/t

-Laelth

[snappyturtle]

4. Unfortunately, I suppose this article is an all too realistic forecast.

The following struck home with me:

"In the short-term, over the coming two to five years, a meaningful, if modest, recovery may well take place. The jobless rate could decline to 6 to 7 percent, consumer-spending increase modestly, home purchases pick up and the stock market continue its upward tilt. However, the quality of life for the vast majority of Americans is likely to further deteriorate, with more people chasing minimum-wage jobs, unions further eviscerated and non-documented immigrants rounded up. Some are calling this possible short-term recovery the "new normal," a darker time marked by significantly lowered expectations signally the end to the American Century."

Not very encouraging, is it?

[indepat]

5. Just a few of the joys of living in a society wherein the three major branches of government each

go about implementing a RW corporatist agenda. ;)

[snappyturtle]

8. I think that's at the core of the 'problem' as is the election process. nt

[XanaDUer]

6. Only bold progressivism will save America.

We are running on old-fashioned, out-of-date, 19th-century ideas and philosophies. The pre-Reagan America and the post-Reagan America.