While distracting the public with no brainers like same sex marriage and whether more guns will kill more people, Obama is making sure that the gap between the rich and poor gets deeper and wider. Not only are banks today bigger than they were during the housing crisis in 2008, they are back to their same old tricks, making record numbers of LBOs and selling subprime loans to anyone who will buy them. As I’ve said here before people: take your money out of the stock market. In fact, do as David Stockman advises in his new book The Great Deformation: take your money out of all markets. There are bubbles everywhere. (And this coming from a former Reagan White House staffer.)
Today, I was reminded of something even more depressing: Obama is also set to increase student loan rates to adjust to market rate. So now students have to decide if an education is “worth” going into life-crippling debt for. (Though, at this rate, everyone is going to have bad credit and debt problems so jump in, the water’s fine.) Recently, the blog post “100 Reasons not to go to Grad School” gained traction for advising students it’s just not worth the money.
So – our government is effectively preventing higher education. As Stockman states, such policies leave us both fiscally and intellectually bankrupt. Do we really want to discourage higher learning? Is every American citizen simply, and only, as good as their economic contribution to society? Newsflash then to stay at home parents and NGO volunteers – you’re nothing. Even if you make a little money, and are part of the growing lower working class demographic, over 69% female, you’re still just next to nothing. That includes teachers, who may be increasingly out of work as national educational values erode.
In a list of 141 countries, the US is fourth from last, above Russia and the Lebanon, in terms of wealth inequity. So all you who were worried about the evils of Communism a generation ago can put that to rest: Capitalism, as practiced here anyway, has had the same effect as Communism vis a vis destroying the middle class.
One encouraging note: there is a new generation of college professors have begun teaching “History of Capitalism” courses, to explain to our youngsters how we got to this sorry state. Democracy it ain’t. But if higher education disappears, this won’t matter either.