Envisioning a Frightening New Normal in “Post-Racial” America of Austerity, Insecurity for All But the Very Rich

Dr. Wilmer J. Leon III, Truthout: When you connect the dots in a supposedly “post-racial America,” you find a frightening possibility that the new normal may well be decades of austerity for a new “precariat class,” with insecure jobs and vanishing civil liberties.

These concepts, when discussed individually, make for interesting dialogue. Moreover, when assessed in a larger context, these same concepts should become a cause for concern.

Right after Senator Obama became President there were many discussions and articles written about a Post-Racial America. Had we evolved into an America devoid of racial preference, discrimination and prejudice? On August 10, 2008, The New York Times published an article by Matt Bai entitled “Is Obama the End of Black Politics?” The premise of the article was that in 2008, 60 years after Strom Thurmond left the Democratic Party over the issue of integrating the armed forces and 45 years after Dr. King’s “I Have a Dream” speech, the Democratic party was poised to deliver its nomination for the nation’s highest office to an African American. Bai’s article asked if Obama’s nomination somehow signaled the end of black politics?

The answer to Matt Bai’s question is; of course not. America cannot be closer to being post-racial when a candidate for president has to run a de-racialized campaign to make the masses comfortable with the obvious aesthetic. We are not in a post-racial America when the unemployment rate in the African-American community is more than double the national average and the wealth accumulation of the average European American family is 20 times that of the average African-American family. The dangerous subtext to that question is that it ignores the struggle for justice and equality that African Americans still face. It also reinforces the conservative view that the government should no longer enact and enforce legislation guaranteeing the rights of minorities.

As the American economy has remained stagnate with 1.3 percent growth, the national unemployment number has stayed close to 8 percent, 17 percent in the African-American community. Close to 5.4 million people have dropped out of the workforce, and now analysts and commentators have started talking about a “New Normal.” Americans are supposed to get used to dismal rates of growth and high unemployment while the stock market soars and American corporations sit on record cash balances. According to CNBC, corporate “cash balances have swelled 14 percent and are on track toward $1.5 trillion for the Standard & Poor’s 500, according to JPMorgan. Both levels would be historic highs.”

These record amounts of cash being stockpiled by corporations are not “trickling down” to the working and middle classes. The “job creators” are not creating jobs. According to Pimco Investment founder Bill Gross, “It’s time to recognize that things have changed and that they will continue to change for the next – yes, the next 10 years and maybe even the next 20 years.” This is the “new normal” and it’s not good.

The solution being proposed by conservatives and subtly endorsed by President Obama to address the financial crisis is “austerity.” Austerity is the policy of deficit-cutting by lowering spending via a reduction in the amount of benefits and services provided by the government. Instead of focusing on what to save, they are debating what to cut.

In challenging times such as these, the government should be investing in the economy – not cutting back. Reductions in government spending tend to increase unemployment, which increases demands on social programs or “safety-net” programs. Increased unemployment also reduces tax revenue. As with the Great Depression, short-term government spending financed by deficits may be required to support economic growth when consumers and businesses are unwilling or unable to do so.

When you start to connect the dots between the New Normal and Austerity, you see an additional picture. There is a new class of existence being created in this country. Professor Guy Standing calls this new class the “precariat.”

“Millions of workers, mainly young and educated, are being habituated to a life of unstable labor and uncertainty, a precarious existence. . . .The precariat is wanted by multinationals and many corporations”. . . because the precariousness of their existence makes them easy to exploit. They are saddled with debt from school loans, working two and three jobs at subsistence wages with no health care, no pension and no sense of permanency or security…

CONTINUE READING HERE WHAT THE LOVELY RICH AND WEALTHY WOULD LIKE TO DO TO THE REST OF US HERE!

 

Advertisements

One thought on “Envisioning a Frightening New Normal in “Post-Racial” America of Austerity, Insecurity for All But the Very Rich

  1. “Envisioning a Frightening New Normal in Post-Racial America of Austerity, Insecurity for All But the Very
    Rich | showmethemoneytbone” was indeed a remarkable posting.
    If perhaps it owned much more pics this would certainly be perhaps even more beneficial.
    Cya ,Santiago

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s