Showing posts with label economic stimulus. Show all posts
Showing posts with label economic stimulus. Show all posts

Tuesday, August 20, 2013

A Freedom Budget for All Americans - MR Book Excerpt

A Freedom Budget for All Americans

By Paul Le Blanc and Michael D. Yates, Monthly Review Press
Excerpted and adapted from Paul Le Blanc and Michael Yates, “A Freedom Budget for All Americans: Recapturing the Promise of the Civil Rights Movement in the Struggle for Economic Justice Today” (New York: Monthly Review Press, 2013).

Inseparable from the goals projected by the historic 1963 March on Washington for Jobs and Freedom, the Freedom Budget for All Americans was advanced in 1966 by A. Philip Randolph, Bayard Rustin, and Martin Luther King, Jr., central leaders of the activist wing of the civil rights movement in the 1950s and ’60s.  It promised the full and final triumph of the civil rights movement.  This was to be achieved by going beyond civil rights, linking the goal of racial justice for African Americans with the goal of economic justice for all Americans.  Randolph, Rustin, and King – as we document in our book – from their earliest years as activists for social change, believed in the need for a society in which our economy would be socially owned, democratically controlled, and utilized to meet the needs of all people.  It can be shown that this socialist commitment was reflected in their strategic orientation to end racism.
The Freedom Budget proposal could be seen, and by some was seen, as being related to the twentieth-century liberalism that was ascendant in U.S. politics from Franklin D. Roosevelt’s New Deal to Lyndon B. Johnson’s Great Society.  But its dimensions and implications were far more radical.  It projected the elimination of poverty within a ten-year period, the creation of full employment, decent housing, health care and education for all people in our society as a matter of right.  This was to be brought into being by rallying massive segments of the 99% of the American people in a powerfully democratic and moral crusade embracing the civil rights movement, the labor movement, progressive-minded religious communities, students and youth as well as their elders. 
The defeat of this effort helped set the stage for an historic defeat for all of these constituencies.  The crises of the twenty-first century’s first two decades cannot be separated from these defeats – just as keys to the positive resolution of those crises may be found in an exploration of what the Freedom Budget was, where it came from, what it might have done, and why it was defeated.
This defeat was related, in part, to a well-financed and steady, and soon accelerating, conservative onslaught that culminated in the right-wing triumph of the Reagan-Bush years.  If the Freedom Budget had been successful, a majority of the voters would not have responded positively to candidate Ronald Reagan’s challenge to Democratic incumbent Jimmy Carter when the conservative hopeful asked the American people, at the conclusion of a televised 1980 debate: “Are you better off than you were four years ago?  Is it easier for you to go buy things in the stores than it was four years ago?”
The 1980s victory for “free market capitalism” (embraced by most conservative Republicans and by many Democrats in succeeding years) has – sadly – made things worse for the great majority of the people over the four decades that followed, although certainly not for the wealthiest and most powerful 1%.  Living standards, health, education, welfare, public transit, urban and natural environments, working conditions, job satisfaction, and more have dramatically declined.
For many U.S. residents back in the 1960s, this future was unimaginable.  Since the 1930s, capitalism had yet to face another global downturn, and the common wisdom was that there would not be another. U.S. politics had been more or less dominated by a relatively generous social-liberalism since the coming of President Franklin D. Roosevelt’s New Deal during the Great Depression, maintained to a significant degree by Republicans as well as Democrats. 
In 2008, many hoped the Presidency of Barack Obama would bring us back to that better, more hopeful, more generous world (personified in the minds of many by John F. Kennedy), and in a way that would be even more inclusive and more just than what had been possible in the 1930s and 1940s of FDR’s America.  Obama’s enemies cursed this darkly as “socialism” – and for some of his supporters, that “S” word seemed not so horrible after all.  But the realities of the Obama administration never matched his rhetoric, and even his rhetoric fell far short of what Roosevelt eloquently expressed during the Second World War as his vision of the post-war future of the United States, in the call for an Economic Bill of Rights.
The Radicalism of the Civil Rights Movement
In fact, the civil rights movement would not have been successful, to the extent that it was, without the active involvement of conscious and organized socialists. 
Jacquelyn Dowd Hall, in a survey of the scholarship covering the complex and multifaceted story of what she calls the “long civil rights movement,” has noted that both conservative and liberal defenders of the social-economic-political status quo have done much to dilute and “sanitize” what really happened.  Martin Luther King Jr. is presented as “this narrative’s defining figure – frozen in 1963, proclaiming ‘I have a dream’ during the march on the Mall.”  Selective quotes, repeated over and over and over, result in his message losing its “political bite”:
We hear little of the King who believed that “the racial issue that we confront in America is not a sectional but a national problem” and who attacked segregation in the urban North. Erased altogether is the King who opposed the Vietnam War and linked racism at home to militarism and imperialism abroad. Gone is King the democratic socialist who advocated unionization, planned the Poor People’s Campaign, and was assassinated in 1968 while supporting a sanitation workers’ strike.
For more, go to the TruthDig site at which this Monthly Review book excerpt first appeared. 

Sunday, July 26, 2009

Economic indicators suggest an Obama recovery; yet GOP & FOX-type media give no credit

By the latest economic indicators, the economy is moving in the direction of recovery.

ABC News reported today that several indicators are pointing to an economic recovery. The Dow Jones Industrial Average rose to surpass 9,000 last week (to 9,069.29). This was the first time that it exceeded that level. And all the large stock indexes rose by more than two percent, TIm Paradis and Sara Lepro in "The Minneapolis Star-Tribune" reported Thursday. The NASDAQ had its most impressive rally since 1992: a 12th straight advance, i.e., the composite index rising by 47.22, or 2.5 percent.

Home sales (of previously lived-in homes) were at 4.89 milion in June, compared with the anticipated 4.84 milion.

INVESTMENT MANAGER BILL MILLER BULLISH
Legg Mason trust fund manager Bill Miller, who is renowned for "beating the S&P 500" says that the worst is over.
Jeff Kearns and Sree Vidya Bhaktavatsalam report in "The Washington Post" this weekend that Miller said of the stock market that "the worst has passed."
"Bull markets typically begin when the following four conditions are present: the economy is bottoming, profits are bottoming, the Fed is stimulating and valuations are low. That's where we are now."

Miller, famed for beating the Standard & Poor's 500-stock index for a record 15 years through 2005, trailed the U.S. benchmark for the past three, partly because of investments in home builders, banks and mortgage companies. Those bets caused a record 55 percent loss in 2008. Legg Mason Value Trust has returned 19.8 percent this year, ahead of the index by 12.6 percentage points when dividends are included.

Banks and other financial institutions have rallied the most among 10 industries since the S&P 500 tumbled to a 12-year low March 9, surging 96 percent. Technology shares had the second-best gain, climbing 55 percent.

SEVERAL PROBLEMS REMAIN
There are several problems, enduring, however. Consumer confidence remains low.

Well, no wonder. Psychology is at play for lots of this. Consumers don't want to spend if they have reason to fear that their jobs are not secure.

Credit cards as a boon to economic vitality
Let's face it: credit cards are the crack of consumer spending. They provide(d) an illusory high of easy, immediate satisfying of buying impulses. And more seriously, they provided an important trigger that stimulated spending. It is no wonder that with the two factors of tighter credit and fears of job stability or security there is a decrease in consumer confidence. This made it particularly easy to splurge frequently or on big ticket items like plasma televisions.

Unemployment still troubling
Unemployment presently stands at 9.5 percent, the highest level since the first administration of President Ronald Reagan in the early 1980s.

RIGHT-WING, GOP, OTHER MEDIA --ESPECIALLY FOX-- NOT GIVING CREDIT WHERE DUE
This recovery, or at least positive turn-around on a number of fronts, is here after six months of the Barack Obama administration. The Republicans, the right in general, and the media need to be honest and give the administration credit where it is due.

These delusional pontificators were booming about how Obama was a socialist, a Marxist, a Stalinist. Just listen to Sean Hannity, Rush Limbaugh or Monica Crowley. Yet, where are they now, with the multiple positive signs suggesting a turn towards a recovery. They have now shifted their demagogic rhetorical flourish to Obama on health care policy, bandying about these -ism labels on Obama's public option.
Is it any wonder that one of the latest "Washington Post" polls has the public trusting President Obama over the Republicans on health care by a 54 to 34 margin.

Look in the news search engines and listen to the Republicans on the Sunday morning talk shows you cannot find Republicans acknowledging the loud hints of a recovery, let alone credit Obama with the recovery.

Just two weeks ago Obama was asking for more time for the stimulus to kick in. It seems as though this is happening.

**
As to whether this is a jobless recovery, that remains an open question. I believe that much of this question lies in the de-industrializing spiral that economic policy-makers have placed us in.

Saturday, February 7, 2009

Senate reaches compromise, on the backs of education / Media giving heavy exposure to Republican critics

THE U.S. SENATE HAS APPARENTLY SETTLED ON A COMPROMISE ON PRES. OBAMA'S STIMULUS PACKAGE
Reports early Friday (2/06/09) evening indicated that a Senate compromise was made. The compromise was reached via the support of three Republicans.

NEEDY SCHOOLS TO PAY FOR COMPROMISE
The Republicans, who gave us eight years of the president (G.W. Bush) who claimed to be the education president, insisted on a thick host of cuts.
Prominent among the cuts was education spending. This will hurt financially needy districts profoundly. They can look forward to increases of student class sizes, such as 30 students in a kindergarten class.

The cuts will pit district against district and school against school (given the combination of cuts and the protection of pay for No Child Left Behind "NCLB"); this from Huffington Post:
In a key reduction from the bill that reached the Senate floor earlier in the week, $40 billion would be cut from a "fiscal stabilization fund" for state governments' education costs, though $14 billion to boost the maximum for college Pell Grants by $400 to $5,250 would be preserved, as would aid to local school districts for the No Child Left Behind law and special education.


2010 RACES START NOW
The Democrats need to call attention to the destructive role that Republicans have played in this mess. When cities and states have to slash budgets, due to Republican-triggered cuts, the Democrats need to publicly highlight this. When the recovery is weak, because of modest federal infusions of cash, Democrats need to call attention to the Republican pressures for austere financial contributions to the recovery.

Democrats need to call attention to the guns/butter dichotomy. Every dollar for the military is money withheld from useful social spending or useful injection into the civilian economy.

The Democrats need to start a drumbeat of these talking points NOW. There are many vulnerable Republican senate incumbents, in seats in economically depressed areas, e.g., George Voinovich of Ohio. The Republicans need to go. Spector too. The Republican pair in Maine are lucky that their seats aren't up for reelection in 2010. They (Collins and Snowe of Maine) and the other so-called moderates have shown their true colors on this urgent stimulus package. Moderate Republicans are generally liberal on social issues and conservative on economic issues. That kind of posture is not helpful in this true national emergency.

President Obama has offered an olive branch to the Republicans. They have not responded in kind --not even the moderates. Instead, they have, as he has recently pointed out, pursued the same old thinking that got us into this mess in the first place.

*THANKFULLY, HOUSE SPEAKER NANCY PELOSI IS COMMITTED TO PROPELLING A STRONG BILL THROUGH CONGRESS, AGAINST THE CALLS FOR BIPARTISANSHIP*
From Glenn Thrush and Patrick O'Connor at Politico, Friday afternoon (2/7/09):
In a statement sure to rile Republicans, House Speaker Nancy Pelosi Friday dismissed calls for bipartisanship as “process” arguments extraneous to passing a stimulus bill — and warned Senate Democrats against slashing proposed increases to education spending.
. . . .
“Washington seems consumed in the process argument of bipartisanship, when the rest of the country says they need this bill,” the California Democrat said, seeming to sweep aside the Obama administration initial desire to have broad GOP support for the plan.

“We must have a bill [quickly],” she said, in a clear message to Senate Majority Leader Harry Reid (D-Nev.), who has spent the past two days wrangling with moderates who want to cut proposed education funding for the states by as much as $50 billion.

“These cuts are very damaging — [the House bill] was put together very carefully. ... The funding goes directly to school districts, they are stimulative because they maintain jobs instead of cutting jobs.”


NETWORKS DEMONSTRATE BIAS IN BOOKING MORE REPUBLICAN APPEARANCES THAN DEMOCRATIC APPEARANCES
The Democrats need to hold press conferences, to call attention to the media bias for Republicans, a bias that has led to a (recent) public appetite for austerity.
See this study at ThinkProgress.org, for factual demonstration of this partisan bias in booking of guests.
REPORT: GOP Lawmakers Outnumber Dem Lawmakers By Almost 2 To 1 In Cable News Stimulus Debate Again»

Last week, ThinkProgress released a report showing that, in the debate over the House economic recovery bill on the five cable news networks, Republican members of Congress outnumbered their Democratic counterparts by a ratio of 2 to 1. The analysis tallied interview segments about the stimulus on CNBC, Fox Business, Fox News, CNN, and MSNBC during a three-day period, finding that the networks had hosted Republican lawmakers 51 times and Democratic lawmakers only 26 times.

The economic recovery package passed the House last week with zero Republican votes, shifting the focus to the Senate. Though the venue has changed, the debate on cable has not improved much.

In a new analysis, ThinkProgress has found that Republican lawmakers outnumbered Democratic lawmakers 75 to 41 on cable news interviews by members of Congress (from 6am on Monday 2/2 through 11pm on Thursday 2/5):



Some observations from our analysis:

* Last week, Fox News came the closest to balance with 8 Republicans and 6 Democrats. But the so-called “fair and balanced” network was not able to maintain such a ratio this week, hosting 24 Republicans and only 11 Democrats.

* The business news networks were particularly egregious this week. CNBC had more than twice as many conservatives, with 14 Republicans and 6 Democrats. Fox Business was even worse, hosting 20 Republicans for just 4 Democrats.

* In the previous study, the supposedly liberal MSNBC favored Republicans 15 to 9. This week, however, MSNBC became the only network to host more Democratic members of Congress than Republicans, with 17 Democrats and 12 Republicans.

Though the imbalance is already stark, the tilt of the coverage would have been even more lopsided if the analysis had been broken down into whether a lawmaker who appeared on TV was a supporter or a critic of the economic recovery plan. Some of the most frequent Democratic guests this week were outspoken critics of the proposed stimulus plans, such as Sens. Ben Nelson (D-NE) and Kent Conrad (D-ND).

Fortunately, the imbalance on the networks is not going unnoticed. A House Democratic leadership aide told Politico’s Michael Calderone yesterday that “what happened with cable last week is that Republican House members were the only show in town.” A “very senior” Democratic aide told The Washington Post’s Greg Sargent that the leadership is “aware of the problem and are taking steps to fix it.” The aide noted that “there is also an onus on producers to remedy this issue.”