January 16, 2009
It doesn’t take much effort to cut through the corporate media chaff. CBS News reports:
President-elect Barack Obama pledged yesterday to shape a new Social Security and Medicare “bargain” with the American people, saying that the nation’s long-term economic recovery cannot be attained unless the government finally gets control over its most costly entitlement programs.
That discussion will begin next month, Obama said, when he convenes a “fiscal responsibility summit” before delivering his first budget to Congress. He said his administration will begin confronting the issues of entitlement reform and long-term budget deficits soon after it jump-starts job growth and the stock market.
It will be a “fiscal responsibility summit” of bankers who will impose an inverted “bargain” on the American people. No mention here of the Pentagon’s entitlement programs or that of the banksters who have squeezed trillions out of the beleaguered tax payer. Earlier in the week Fed mob boss Bernanke said the banksters will need trillions more. No “fiscal responsibility” will be demanded of the criminal international bankers.
Obama “endorsed the broad direction offered yesterday by a group led by former Federal Reserve chairman Paul A. Volcker, an adviser to the incoming president,” CBS continues.
In December, the Los Angeles Times reported on Volcker’s “concerns” over Wall Street and the American people. “A child of the Great Depression and a man of legendary personal thrift, Volcker thinks Americans have been living above their means for too long.”
“It is the United States as a whole that became addicted to spending and consuming beyond its capacity to produce,” Volcker lectured the Economic Club of New York in April. “It all seemed so comfortable.”
Bringing consumption back in line with income would not only crimp individuals and families, but also require major readjustments in the global economy, which has relied on the U.S. as consumer of last resort.
America can no longer produce because the industrial producing ability of the country was shipped off to slave labor gulags in Asia by transnational corporations.
“24% of Americans who added to their debt load in the last month are doing so because their income has been reduced and they are borrowing more money to pay their bills,” PR Newswire reported last year.
As the economy heads down the tubes, “consumers are starting to spend less on discretionary items, such as furniture and electronics, and more on such necessities as groceries and gas, according to government data. Such items increasingly are showing up on credit card bills,” USA Today reported last March.
If we are to believe Volcker, these people are living beyond their means and they should do without necessities such as food and shelter.
Considering the bankster plan to usher in a new feudalism, former Fed boss Volcker’s plan to escalate the race to the bottom makes perfect sense.
Obama is here to help.