An Unwritten History – (7) The Last Chapter

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          As explained in The Bad American Dream,  corporations have also profited from a huge run-up of federal debt ($12.1 trillion in the Reagan/Bush/Bush years).  In this way, the very wealthy have inserted a big straw into the pool of tax revenues to suck up still more wealth through interest on the debt they created.

          The potential last chapter of this corporate lockdown of the American economy is now in progress.  The reasonable limits of government borrowing having now been greatly exceeded, and in an ostensible effort to balance the budget (an impossibility), the Republican-controlled Congress is attempting to eliminate virtually all domestic programs and spending on behalf of American citizens.  This would likely complete the corporate economic takeover.

          All of their extra wealth has enabled them to buy the media and load the courts with their agents, and control most of Washington.  Now they seek in Wisconsin, in a final breach of the Social Contract, to begin destroying what remains of labor and trade unionism, removing the last major source of campaign funding to compete with the unlimited spending available to corporations and the wealthy elite.  Ominously, this would likely complete the disenfranchisement of the American people from their government, driving the last nails in the coffins of the middle class and the American Dream. 

JMH – 3/1/11

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