“Nearly Any”

blinders The New York Times today headlines an interpretive piece, the main claim of which is this:

Yet even as vital signs weaken โ€” plunging home sales, a bleak job market and, on Friday, confirmation that the quarterly rate of economic growth had slowed, to 1.6 percent โ€” a sense has taken hold that government policy makers cannot deliver meaningful intervention. That is because nearly any proposed curative could risk adding to the national debt โ€” a political nonstarter.

Translation: The overclass, as always, prefers Great Depression to a pro-labor shift in the distribution of power. This society remains entirely capable of employing all its able-bodied workers and thereby ending the present economic cliffwalk. What it lacks is a left coherent enough to demand what the elite won’t mention.

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Luis
9 years ago

Do you think, though, that this can really be done within the framework of capitalism? Isn’t debt an absolute necessity for the continuation of capitalist production? I agree that there isn’t “a left coherent enough to demand what the elite won’t mention”, but you seem to be implying that the main barrier to full employment and a livable wage for all is what the overclass “prefers” rather than something that is inherent to the very dynamics of capitalism itself.

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