THE DOCTRINE OF THE N.A.F.T.A. GLOBALIST DEMOCRATS IS TO SERVE THE BILLIONAIRE CLASS WITH ENDLESS WAVES OF INVADING 'CHEAP' LABOR SUBSIDIZED WITH WELFARE FUNDED BY TAXES ON MIDDLE AMERICA.
In many speeches, Mayorkas says he is building a mass migration system to deliver workers to wealthy employers and investors and “equity” to poor foreigners. The nation’s border laws are subordinate to elites’ opinion about “the values of our country,” Mayorkas claims.
Wednesday, November 21, 2018
TRANSFERRING THE AMERICAN ECONOMY TO THE RICH - THE GLOBALIST DEMOCRAT PARTY FOR BILLIONAIRES AND THE DRAMATIC DROP IN CONSUMER SENTIMENT
The stupendous run-up on the global stock exchanges and vast increase in the personal fortunes of the financial oligarchy have depended on the relentless downward pressure on workers’ wages and conditions.
This is a class-conscious decision by the central bank executives, who understand that investors tend to make far more money when the sword of mass unemployment and poverty is kept swinging over the heads of workers.
There
is an unquestioned disconnect between the vast majority of the American people
and the so-called elites or ruling class. Whenever I am in the company of
those that are members of this exclusive fraternity, and when the conversation
inevitably turns to the subject of the irascible mood of the electorate, I
offer what I consider to be a valid theory as to one of the primary reasons
why. That is: a plurality of the populace, myself included, firmly
believe the United States is approaching the point of no return to its founding
as a nation of individual freedom and opportunity, and that the 2016 election
is the most significant in 150 years insofar as determining the long term fate
of the country.
More
often than not these acquaintances react as if Chicken Little had just escaped
the asylum and was running amok claiming the sky is falling.
However, in an effort to be kind to the loon in their midst, I have been
told, as a figurative pat on the head, because of my personal background as
displaced war orphan from World War II that I am hypersensitive and what is
going on in America really isn’t as bad as I claim.
Not
as bad as I claim?
Not
since the presidential election of 1932 has the American electorate been so mired
in discontent. Despite the best efforts of the media to portray this
discontentment as limited to the Republican base, a variety of polls have
confirmed a vast majority of the populace shares this same sense of
disgruntlement. Innumerable polls taken over the past seven years are
consistent in showing nearly 7 in 10 Americans believing the nation is headed
in the wrong direction.
Further,
nearly 60% think that the next generation will be worse
off than
they are. And few have any faith that the economic outlook for the country will
improve in the near or distant future.
Beginning
in the late 1980’s, the cognoscenti declared that expansive government spending,
globalization and free trade, combined with a comprehensive and overarching
regulatory regime determined to root out so-called corruption and inequality as
well as save the planet from the over blown evils of global warming, would be
the course the nation should pursue. The result of this foolhardy and
myopic scheme:
1.In 1988 the national debt of the United States stood at $2.6
Trillion, today it is over $19.0 Trillion-- an increase of 635% (and projected
to reach $29.0 Trillion by 2026). On the other hand the debt of all the
nations on earth has grown by only 135% since 1988.
2.Since November of 2008 the working age population has increased by
over 18 million. However, the number of those employed has increased just 5.5
million. Meanwhile those unemployed or no longer in the work force has
ballooned by 12.4 million to a staggering total of 102 million or 40.4% of the working
age population.
3.Another factor impacting on the economic health of the American
people is immigration. In 1988 there were 16 million immigrants
(including less than a million illegal aliens) living in the United
States. Today that number has skyrocketed to 42.4 million (including an
estimated 12 million illegal aliens). This enormous increase (165%) in
the immigrant population has not only put pressure on a stagnant job market but
it has also been a major factor in the decline of median income in the country.
4.The upshot of all the above is that since 1988 the income of the
top 5% has risen 39.3% (adjusted for inflation) and the income of the bottom
50% has fallen by 1.9%.
5.Since 2008 the Obama cabal has added over 18,000 pages to the Code of
Federal Regulations. It is estimated that complying with federal regulations
costs the economy nearly $2 Trillion per year and is, along with taxes and
innumerable mandates, one of the principle reasons for the lack of new business
start-ups and loss of jobs to other countries.
One
of the primary hallmarks of the United States had been that of a classless
society wherein economic factors allowed the citizenry to take advantage of the
marketplace in order to move up or down based on their efforts and willingness
to work. However, this scenario is disappearing as the opportunities for
upward mobility cease to exist. In its place a class driven society,
similar to all other quasi-socialist nations past and present, is now becoming
inevitable as even the Bureau of Labor Statistics admits that the level of Americans
working and in the labor force will continue
to decrease over the next 8 years.
Another
of the primary factors in the decline of the United States is that the nation’s
elites, rather than view education as the means for the people to attain
success in a competitive world, have recast it into a vehicle for their pet
theories and political views. Whether it is the promulgation of faux
self-esteem, the obsession with the so-called evils of capitalism and the
nation’s past, and the theoretical joys of socialism among other inane
curricula, the education establishment has assured that the American people are
rapidly becoming among the least well-educated populations in the world.
In
2013 American 15
year olds ranked 32nd among industrialized countries in math, 20th in
reading and 24th in science. In 1988 this same age group
ranked among the top 5-10 nations in the world in these same categories.
Further, recent polls have indicated that as a byproduct of the radicalized
education establishment, nearly
7 out of 10 between the ages of 18 and 29 would vote for an avowed
socialist. Thus it is clear that the future of the country is on very shaky
ground.
As
for the issue of freedom: in a recent analysis it was determined that the
United States now ranks 12th among the nations of the world in
economic freedom (6thin 2008) but a dismal 31st in
personal freedom (17th in 2008). The authors of the study
commented:
The
decline reflects the long-term drop in every category of economic freedom and
its rule of law indicators. The US performance is worrisome and shows that the
US can no longer claim to be the leading bastion of liberty in the world.
In addition to the expansion of the regulatory state and drop in economic
freedom, the war on terror, the war on drugs and the erosion of property rights
due to a greater use of eminent domain all likely contributed to the US decline.
Using
the cudgel of the mainstream media, the entertainment complex and the education
establishment, the Left and its surrogate, the Democratic Party, have
successfully inculcated into a plurality of the American people a belief that
there are no moral absolutes and that the state can grant any rights that it so
chooses to whomever it chooses. Further, the nation’s founding documents
are arcane, racially insensitive, and unsuitable for today. Thus
religious liberty, property rights and freedom of speech are under aggressive
assault. The Judiciary is now almost under the complete control of these
same statists, and with the death of Justice Scalia the last line of defense,
the Supreme Court, is in peril.
The
vast majority of the American people sense that the future of the nation and
that of their progeny is in serious jeopardy. However, one of the most
troubling aspects of the current unease and angst among the general public is
what this portends: when anger and frustration evolve into deep seated passion,
reason is too often a casualty. As Thomas Sowell recently wrote:
Too
many nations, in desperate times, especially after the authorities have
discredited themselves and forfeited the trust of the people, have turned to
some new and charismatic leader, who ended up turning a dire situation into an
utter catastrophe,
This
has been true throughout history whether in England in the 1650’s, France in
the 1790’s, or Russia, Italy and Germany in the 20th century.
In
the current campaign for the next president, there are candidates attempting to
tap into the ire of the citizenry by either promising that a purer form of
socialism will magically solve the problems or by claiming that they, by sheer
force of their will and personality, will part the seas and save the
nation. Unfortunately, due to the ill-education of the populace as well
as their angst, far too many seeds of this demagoguery are falling on fertile
ground. The election of any of these candidates will only exacerbate and
make permanent the nations woes.
So
to my ruling class friends safely ensconced in Washington, New York and other
enclaves among the like-minded and wealthy, this nation is at the point of no
return to the country of freedom and opportunity that allowed you to be where
you are. The folks in fly-over country know it and so should you.
Consumer Sentiment Fell Following Midterm Elections
Consumer sentiment declined following the midterm election, according to the University of Michigan’s survey.
The index fell to 97.5 for the final November score, down from October’s 98.6. Economists had estimated less of a post-election impact, forecasting a reading of 98.3.
“Although the data recorded a decline of 2.8 Index points following the election, the drop was related more to income than political party: among those with incomes in the bottom third, the Sentiment Index rose by 10.4 points and fell by 6.6 points among those in the top third of the income distribution. In contrast, the Sentiment Index remained unchanged among Democrats and Republicans prior to and following the election,” the survey’s chief economist Richard Curtin said in a statement.
The current conditions component fell 8 tenths to 112.3. Expectations, were down more, 1.2 points to 88.1. That would also appear to indicate that the fallout from the election of a Democratic majority to the House of Representatives, creating a divided government, depressed consumer sentiments.
Despite the decline, the November reading os nearly at the center of the eleven-month range from 95.7 to 101.4, according to Curtin.
Notably, the volatility of the stock market in October and November does not seem to have weighed on consumer sentiment. The current reading is considered “very favorable,” Curtin said.
Jobless Claims Jump to 224,000, Much Worse Than Expected
The number of U.S. workers filing new applications for unemployment benefits jumped 3,000 to a seasonally adjusted 224,000 in the week ended November 17, the Labor Department said Wednesday.
Initial jobless claims are a proxy for layoffs. They have been closely watched to see if the trade war might weigh on the U.S. labor market, which has been very robust for the past two years. Until recently, jobless had been at record lows. In recent weeks, however, jobless claims have been climbing.
Economists had forecast 215,000 new applications for jobless benefits last week. At 224,000 for the week, jobless claims came in above the range of estimates of economists surveyed by Bloomberg’s Econoday.
In addition to the higher than expected number for last week, the prior week was revised up from 216,000 to 221,000.
Jobless claims can be volatile from week to week, and can rise or fall due to temporary conditions such as weather and fire. The four-week moving average of claims, considered a more reliable gauge of the labor market, rose last week to 218,500. While 2,000 above the prior week’s average, that is still a low level of new claims.
Looking for a silver lining? The number of continuing unemployment benefit claims fell by 2,000 to 1,668,000 in the week ended November 10. Continuing claims are reported with a one-week lag.
Another Economic Alarm Bell: Durable Goods Drop in October
Orders for long-lasting factory goods fell in October by more than expected, declining by 4.4 percent from the previous month to a seasonally adjusted $248.52 billion.
Economists had expected a 2.6 percent decline. September was revised down to a 0.1 percent decrease from a previous estimate of a 0.7 percent increase. New orders have declined in three of the last four months.
Through the first 10 months of the year, demand for durable goods–those expected to last 3 months or more, was up 8.7 percent, compared with the same period a year earlier.
New orders for nondefense capital goods excluding aircraft, often watched as a proxy for private sector business investment, were flat in October. Economists had forecast a 0.3 percent gain. September was revised down to a drop of 0.5 percent from the prior read of a 0.1 percent decline. New orders fell 0.2 percent in August. This is up 6.4 percent in the first 10 months of this year compared with the ten-month period in the prior year.
The Trump tax reforms were intended to increase business investment and there is evidence that this was effective, at least in the first half of 2018. But the early burst of activity may have now petered-out. And the threat of tariffs may also have pushed some investment to earlier in the year.
There were some bright spots in the October report. New orders for communication equipment rose 3,2 percent. Orders for electrical appliances rose 2.9 percent. Orders for computers were up 1.6 percent. So tech manufacturing is holding up well.
Political uncertainty ahead of the November midterm elections may have played a role in the October slowdown.
Thousands of GM salaried workers to lose jobs in 2019
By Jerry White 21 November 2018
Thousands of salaried employees at General Motors in the US and Canada will be thrown out of their jobs at the beginning of 2019 as the Detroit-based automaker accelerates its cost-cutting campaign. The white-collar job cuts, which are also coming at Ford, are part of an expected blood-letting of salaried and hourly jobs amid declining sales worldwide and telltale signs of an impending restructuring of the global auto industry.
Lordstown Assembly Complex
GM sources told the Detroit Free Press and Detroit News that at least 3,000 employees would be terminated because not enough had agreed to “voluntary buyout” offers sent out last month. The company is targeting 17,700 salaried workers with at least 12 years’ experience or more than a third of its white-collar workforce in North America.
According to internal sources who spoke to the Detroit media outlets, GM hoped to get at least 7,000 white-collar workers to sign up for the buyout offer by noon Monday, but managers told employees late last week that only 4,000 had done so. “That means 3,000 or more salaried workers in North America could be terminated starting in January if the automaker in fact opts for forced job cuts, which it has said it would consider if buyouts fell short,” the Free Press wrote.
GM managers held staff meetings last Thursday and Friday to ratchet up pressure on salaried workers to take the deals, which include six months’ of pay and health care coverage. It is unlikely many more will opt to do so since this is exactly the same severance package for a GM employee with 12 years or more seniority who is involuntarily terminated.
According to one source who spoke to the Free Press, “GM will complete the voluntary buyouts by Nov. 29. The managers we’ve talked to are already making their list and will select their cuts in January.” On January 15, he said, GM will announce the involuntary job eliminations, and “walk people out.”
Industry analysts said the cuts targeting engineers, designers, mid-level managers and others are only a prelude to slashing thousands of production workers’ jobs. Market economist Jon Gabrielsen, an adviser to the auto industry, told the Free Press, "I absolutely still believe that 7,000 to be the salaried job reduction number for GM in metro Detroit over the course of an auto downturn in the next two to three years, plus as much as another 7,000 in hourly based on how much sales soften," he said.
The global automakers are under enormous pressure from Wall Street to increase profit margins and shareholder payouts despite falling sales. Last month, GM reported that its third-quarter operating profits in North America increased by 37 percent to $2.8 billion despite an 11 percent drop in sales during the quarter in the company’s key US market.
Lordstown workers on last day of the second shift in June
In an internal memo obtained by the Free Press, which was sent out to managers after the profit announcement, GM said, "We can't confuse progress with winning. Today, our structural cost is not aligned with the market realities nor the transformational priorities ahead. We must take significant actions now while our company and the economy are strong” to “reduce structural costs and improve vehicle profitability."
While GM is planning to cut $6.5 billion in costs, it has squandered over $10 billion in stock buybacks and dividend payouts for its richest investors since 2017, and $25 billion since 2012.
Earlier this month Ford said it will reduce its salaried US workforce of 70,000 employees by an unspecified number as part of its $11 billion “fitness” cost-cutting plan. Morgan Stanley analyst Adam Jonas projected a 12 percent cut in Ford staff worldwide in a note to investors in August saying, “We do not see restructuring at Ford as a ‘nice to have’… but as a crucial step to set the global business on a more balanced footing.”
While seeking to slash jobs all of the automakers have increased the number of white-collar workers hired through temporary agencies who receive lower pay and few, if any, health care and pension benefits.
At the same time, the Detroit-based automakers have carried out temporary layoffs of production workers and permanent jobs cuts and plant closings are expected. Last month, Ford idled its Kansas City, Missouri plant, putting 2,000 workers on temporary layoff.
With sales of its Chevy Cruze compact falling, there are widespread concerns that GM may close its assembly plant in Lordstown, Ohio, halfway between Cleveland and Pittsburgh. GM laid off 1,200 workers when it eliminated the third shift at the plant last year and another 1,200 workers when the second shift ended in June.
A second-tier worker at Fiat Chrysler’s Belvidere, Illinois assembly plant told the WSWS Autoworker Newsletter that threats are being spread about the possible elimination of one shift at that facility. “A supervisor told me to start watching the Illinois.gov WARN site for them to post a 60-day notice of layoff,” the worker said, adding, “our union steward said there is a very good chance that we will be laid off December 15 for an unspecified amount of time. More and more talk of eliminating the first shift is causing people to transfer departments and shifts in hope of saving their jobs.”
Temporary layoffs have hit a number of Fiat Chrysler facilities including Belvidere Assembly and Kokomo, Indiana transmission plants.
The United Auto Workers (UAW) has not even made a pretense of opposing jobs cuts, echoing management’s claims they are necessary to ensure continued profitability in the face of slowing sales. The automakers have been able to extract huge profits in North America, despite falling sales, with the collusion of the UAW, which has signed labor agreements slashing the wages of new hires, eliminating income security for laid off workers and expanded the number of temporary part-time workers who pay union dues but have no rights and do not qualify for supplemental unemployment benefits.
The salaried and hourly job cuts are clearly a shot across the bow of autoworkers in advance of the negotiations for new labor agreements, after the current deals expire in September 2019. In 2015, the threat of plant closures and mass layoffs was used by the automakers and the UAW to ram concession deals past the opposition of workers who initially voted down a contract at Fiat Chrysler, in the first such defeat of a UAW-backed national deal in three decades.
In a letter sent to workers, UAW Vice President for GM Terry Dittes made it clear the UAW would try to blackmail workers with job threats once again. “Filling our plants with product” would be the UAW’s top priority in the 2019 contract negotiations, Dittes said, before echoing Trump’s American First nationalism by railing against GM for expanding production in Mexico and China.
This underscores the need for autoworkers to build new organizations of struggle, including factory committees, controlled by rank-and-file workers themselves and independent of the corporate-controlled UAW, to wage a collective fight against the coming attacks on jobs and living standards. Such a fight must unite workers throughout the world against the transnational auto companies and the capitalist profit system, which enriches the corporate and financial elite at the expense of workers the world over.
“They’re instilling fears about cutting a shift and eliminating anyone hired after 2011,” the Belvidere worker told the Autoworker Newsletter. “Threatening more layoffs, all tactics are to get tier-two employees to take whatever they throw at us in upcoming contract negotiations.”
The worker referred to the corruption scandal that has erupted in the UAW, which revealed how union negotiators had taken million in bribes to sign “company friendly agreements.” “The tides have shifted. The UAW is no longer on our side and they haven't been in a long time. The more these cases are exposed, the more apparent that is becoming. It’s very sad, but it’s true.”
Stocks Crushed: Dow Falls 550 Points, Retail and Tech Wrecked
The major U.S. stock indexes plummeted on Tuesday morning, giving up all of their gains for the year.
The Dow Jones Industrial Average dropped 585 points. The S&P 500 dived 2 percent. The Nasdaq Composite, heavily loaded with tech stocks, dropped 2.5 percent. All three indexes are now flat or negative for 2018.
Retail and tech stocks were some of worst performers in early trading. Target fell by more than 10 percent after reporting quarterly earnings that disappointed investors. Apple shares fell by nearly 4 percent. Google’s Alphabet shares dropped by 1.4 percent. Amazon’s were off by 2.3 percent. Twitter shares sank 3.5 percent.
Facebook shares, which have sold off sharply in recent days, actually rose a half of a percentage point in the first hour of trading.
Homebuilder Sentiment Unexpectedly Crashes to Lowest Level in Two Years
This is not a test of the emergency broadcast system. The housing market just sent up the clearest distress signal since the Federal Reserve began raising rates.
Sentiment among homebuilders dropped 8 points in November to 60 in the National Association of Home Builders/Wells Fargo Housing Market Index. Economists had expected it to remain unchanged at 68.
The November reading is the lowest since August 2016, when the economy appeared to hit an air-pocket prior to the election of Donald Trump. Last year, the index was at 69 in November and headed toward its December high point of 74.
The problem is affordability. Rising interest rates combined with high home prices have put new homes out of reach for many Americans.
The current sales component of the homebuilder’s index fell 7 points to 67. The expectations for sales compnent crashed 10 points. Buyer traffic dived 8 points to 45, deep into negative territory in the index where scores above 50 indicate expansion.
Mortgage rates have gone up a full percentage point over the last 12 months, thanks largely to the Federal Reserve’s policy of raising its overnight target and shrinking its balance sheet of government debt and government-sponsored mortgage bonds.
Homebuilding has a large impact on the economy because it employs workers in a variety of trades and new home purchases tend to drive sales of everything from home appliances to electronics and even cars.
By region, the South and West, often the harbingers of housing nationwide, were both sharply lower at 65. The Midwest and Northeast at 52 were both also sharply lower.
The index reading was so low that many wondered if it was a misprint or simply an anomaly. This week will feature an array of housing data that should clarify if the NAHB index properly read the housing market.
Consumer Sentiment Fell Following Midterm Elections
Consumer sentiment declined following the midterm election, according to the University of Michigan’s survey.
The index fell to 97.5 for the final November score, down from October’s 98.6. Economists had estimated less of a post-election impact, forecasting a reading of 98.3.
“Although the data recorded a decline of 2.8 Index points following the election, the drop was related more to income than political party: among those with incomes in the bottom third, the Sentiment Index rose by 10.4 points and fell by 6.6 points among those in the top third of the income distribution. In contrast, the Sentiment Index remained unchanged among Democrats and Republicans prior to and following the election,” the survey’s chief economist Richard Curtin said in a statement.
The current conditions component fell 8 tenths to 112.3. Expectations, were down more, 1.2 points to 88.1. That would also appear to indicate that the fallout from the election of a Democratic majority to the House of Representatives, creating a divided government, depressed consumer sentiments.
Despite the decline, the November reading os nearly at the center of the eleven-month range from 95.7 to 101.4, according to Curtin.
Notably, the volatility of the stock market in October and November does not seem to have weighed on consumer sentiment. The current reading is considered “very favorable,” Curtin said.
For those born in 1920, there was a six-year differential between rich and poor.
For those born in 1950, that difference had reached 14 years. For women, the
gap grew from 4.7 years to 13 years, almost tripling.
Overall, life expectancy for the bottom 10 percent improved by just 3 percent
for men born in 1950 over those born in 1920. For the top 10 percent, it soared
by about 28 percent.
Life expectancy for the bottom 10 percent of male wage earners born in 1950
rose by less than one year compared to that for male workers born 40 years
earlier—to 73.6 from 72.9. But for the top 10 percent, life expectancy leapt to
87.2 from 79.1.
The United States ranks among the worst so-called rich countries when it comes
to life expectancy. But its low ranking is entirely due to the poor health and
high mortality of low-income Americans. According to the Social Security
Administration, life expectancy for the wealthiest US men at age 60 was just
below the rates for Iceland and Japan, two countries with the highest levels.
Americans in the bottom quarter of the wage scale, on the other hand, ranked
just above Poland and the Czech Republic.
Life-expectancy is the most basic indicator of social well-being. The minimal
increase for low-income workers and the widening disparity between the poor and
the rich is a stark commentary on the immense growth of social inequality and
class polarization in the United States. It underscores the fact that
socioeconomic class is the fundamental category of social life under
capitalism—one that conditions every aspect of life, including its length.
The Brookings Institution findings shed further light on the catastrophic
decline in the social position of the American working class. They follow
recent reports showing a sharp rise in death rates for both young and
middle-aged white workers, primarily due to drug abuse, alcoholism and suicide.
Other recent reports have shown a dramatic decline in life expectancy for
poorer middle-aged Americans and a reversal of decades of declining infant
mortality.
It is no mystery what is behind this vast social retrogression. It is the
product of the decay of American capitalism and a four-decade-long offensive by
the ruling elite against the working class. From Reagan to the Obama
administration, Democrats and Republicans alike have overseen a
corporate-government assault on the jobs, wages, pensions and health benefits
of working people.
The ruling elite has dismantled the bulk of the country’s industrial
infrastructure, destroying decent-paying jobs by the millions, and turned to
the most parasitic and criminal forms of financial speculation as the main
source of its profit and private wealth. Untold trillions have been squandered
to finance perpetual war and the maniacal self-enrichment of the top 1 percent
and 0.1 percent.
The basic infrastructure of the country has been starved of funds and left to
rot, to the point where uncounted millions of people are being poisoned with
lead and other toxins from corroded water systems. Flint, Michigan is just the
tip of the iceberg.
Under Obama, this social counterrevolution has been intensified. The financial
meltdown of 2008 has been utilized by the same forces that precipitated the
crash to carry through a reordering of social relations aimed at reversing
every social gain won by the working class in the course of a century of
struggle. A central target of the attack is health care for working people.
Obamacare is the spearhead of a worked-out strategy to reduce the quantity and
quality of health care available to workers and reorganize the health care
system directly on a class basis. Corporate and government costs are to be
slashed by gutting employer-paid health care, forcing workers individually to
buy expensive, bare-bones plans from the insurance monopolies, and rationing
drugs, tests and medical procedures to make them inaccessible to workers.
The rise in mortality for workers and the widening of the life span gap between
rich and poor are not simply the outcome of impersonal economic forces. In
corporate boardrooms, think tanks and state agencies, the ruling class is
working to lower working class life expectancy. In late 2013, the Center for
Strategic and International Studies, a Washington think tank with the closest
ties to the Pentagon and the CIA, published two policy papers decrying the
“waste” of money on health care for the elderly. The clear message was that
ordinary people were living much too long and diverting resources needed by the
military to wage war around the world.
The social and economic chasm in America finds a political expression in the
vast disconnect between the entire political establishment and the masses of
working people. Neither party nor any of their presidential candidates, the
self-described “socialist” Bernie Sanders included, can seriously address the
real state of social conditions or offer a serious program to address the
crisis.
In his final State of the Union Address last month, Obama presented an absurd
picture of a resurgent economy. “The United States of America, right now,” he
declared, “has the strongest, most durable economy in the world… Anyone
claiming that America’s economy is in decline is peddling fiction.”
In the race for the Democratic presidential nomination, Hillary Clinton and
Sanders are seeking to outdo one another in seizing the mantle of the Obama
administration and praising its supposed social and economic achievements.
They cannot address the real conditions facing the masses of working people
because they defend the capitalist system, which is the source of the social
disaster. The remedy must be based on an understanding of the disease. It is
the building of an independent socialist and revolutionary movement uniting the
entire working class, in the US and around the world.
Lordstown Assembly Complex
Lordstown workers on last day of the second shift in June
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