"> An Armageddon: America´s Gluttonous Appetite to Borrow and Live on Borrowed Money from Abroad

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August 29, 2011

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An Armageddon: America´s Gluttonous Appetite to Borrow and Live on Borrowed Money from Abroad

Kurdishaspect.com - By Rauf Naqishbendi

For decades since President Ronald Reagan, the American government has been spending generously and wastefully and borrowing enormously. During this period, corporate America and their cheerleaders, the Wall Street firms, have been a dominant power influencing our elected officials. They were able to suspend government regulations, resulting in the recent financial meltdown. This chaotic situation is a direct result of wealth creation in the world as a whole and America, in particular, in a manner that hype in a greed has been overriding social responsibility and moral decency. During this epoch, a record number of millionaires have been created, and insatiable greed and lust for power has caused the disfiguration of our democracy, lessening the people´s voice in their government; hence, the government, in a sense, has become trivial to the individual´s life. 

Presently, with a host of ailing economic maladies upon the nation, the greatest concern is how America can restore its pride, given its two ruling political parties´ insensibilities toward the present and future of the nation. Moreover, the power of invisible hands, namely, Wall Street firms and corporate America, have, for their own gain, forfeited the fate of America.

What has gone wrong with America is not caused by external forces, but rather by greedy corporate officers who for their monetary gains have exported the American industrial base to foreign countries, outsourcing and offshoring millions of American jobs, and insourcing whatever high paying jobs left in information technology to foreign workers. This has been desolating to American livelihoods and has demoralized millions of American workers, ruining thousands of communities throughout this great land. They justify their actions, calling them cost-cutting measures that tend increase corporate profitability and enable them to compete in a global market. The lawmakers never bustle legislating adapting measures to safeguard American industries or shield American jobs. Even during these hard economic days, work visas H1B and L1B are still issued to foreign workers, depriving Americans from the few high-paying jobs left. Overall, America is becoming a welfare state, sponsoring other countries at the expenses of her own citizens´ misery. 

Now, politicians and the White House are mocking the nation pretentiously by proclaiming their earnest effort to create jobs. They have already given away American jobs, and now, the question is, where will the jobs come from to employ more than 15 million unemployed Americans whose numbers are on the rise, let alone more than nearly 150,000 new people a month who join a job market where there are none or few jobs available? These are the employment concerns, and they are pivotal to most Americans, as their lives depend on them.

The imbecility of the lawmakers´ entanglements and partisan aspect of our political bodies in creating just about every piece of legislation on party lines has been a stumbling block in the way of any meaningful budget deal or economic reform. The House of Representatives and Senate have become the common place for exercising political ideology, eventuating in each political party serving a small portion of the American population, as if the well-being of the nation as a whole is none of their business. Both political parties have stretched themselves to extremism. The Democrats have gone way too far to the left, and the Republicans too far to the right. The world of extremism presents itself with no harmony and no reconciliations; hence, one should not be bewildered by deadlocks and bickering. The victim of this political disorder is the middle class, whose numbers are shrinking; thus, millions of Americans have lost their place in the middle class, becoming impoverished as they have relinquished their jobs and/or houses. Proper fiscal policy to address this problem is through beefing up government revenue by raising taxes on those who can afford to pay them, disposing of government wastes, and eliminating duplicate and unnecessary government services and subsidiaries. These remedies are crucial, but alone they will not address our monumental government debts without legislation adapted to prevent American jobs from leaving our borders and bringing in-shore the jobs that had been exported to foreign countries. This can be accomplished by legislation to impose taxes that will make it costly to outsource future American jobs, abrogating work visas to foreign workers, and bringing back the jobs already outsourced. It should be realized that there will be no economic recovery without job creation, because in exporting jobs not only are jobs lost, but also payroll taxes, which constitute a lion´s share of revenues for federal, state, and municipal governments. It must be realized that there will be no national prosperity with high unemployment.

The Houses of Congress are in disarray. First the Republicans are against any tax increases, claiming that would harm small business and will stifle investment. They are not only opposing tax increases, but they are also in favor of cutting taxes, mostly for the richest, claiming it will foster economic growth. This is supply-side economics and has been proven wrong. Unmistakably, the federal debt will remain unmanageable without raising taxes. To the consternation of Republicans, that tax increase has to come from the coffers of wealthy Americans, who can afford it. The middle class has been battered and is shrinking, while most live from paycheck to paycheck, and the poor cannot afford any taxes. 

Republicans are fighting not to allow any tax increases, and they continue to favor taxes cuts, in particular, for their rich constituents. For instance, they are against the expiration of the temporary tax-cut that former President G. W. Bush bestowed to the rich. Surely, it is ideal not to pay taxes, and no one with a right mindset will volunteer to pay taxes or more taxes, but the fact to be realized is that governments in civil societies are obligated to provide services amongst which are defense, infrastructure, and protection for their citizens, and these vital services are rendered at a cost. So the taxes we are charged are not penalties but rather the price for living in a civil society. At the same time, the democrats are less willing to cut social programs that are beneficial to their constituents. But they, too, need to realize that the government shouldn´t be stretched beyond its limit, and entitlements have to weigh in within affordability limits. 

At present, America is experiencing a uniquely difficult time in its history resulting from decades of cumulative government mismanagement, inaction, missteps and misdeeds by our lawmakers in matters relevant to the life of the nation and its future. Moreover, it is intensified by the exploitation of the general public by unscrupulous and greedy corporate America. An Armageddon-like financial hardship is poised for our ruin as a nation unless we act accordingly. Restoring our prosperity and preventing the unthinkable collapse of this great nation and this glorious civilization will require sacrifices from all Americans. 

After all, hardships require sacrifice and giving, and those who qualify to give are the richest amongst us who can afford. Unfortunates such as those who are at the receiving end of social offerings have to ask what their benefactors can afford, and those who are fortunate enough and blessed with wealth have to give their share. After all, we as a nation are not to cater to the richest so they grow richer, and neither are we to provide for those who are unfortunate beyond their needs.  Rauf Naqishbendi is a contributing columnist for Kurdishaspect.com,  American Chronicle, Kurdishmedia.com and has written Op/Ed pages for the Los Angeles Times. His memoirs entitled "The Garden Of The Poets", recently published. It reads as a novel depicting his experience and the subsequent 1988 bombing of his hometown with chemical and biological weapons by Saddam Hussein.  It is the story of his people´s suffering, and a sneak preview of their culture and history.  Rauf Naqishbendi is a software engineer in the San Francisco Bay Area. ISBN: 978-1-4626-0187-5 ( get The (Zoftcover) ($7.95) Link: http://www.publishamerica.net/product41368.html

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