We Won't Pay!

The Portuguese Communist Party is campaigning against the Euro-IMF bailout; their slogan: "We won't pay!"

It makes sense in the US, too. Who caused the global recession, and what is causing the world economy to lean towards a renewal of it? The banks speculated and committed fraud on all of us, and got away with it--at our expense. The American economy is limping towards a "double-dip" in part because of all the government cutbacks (federal, state and local). It's also because jobs in the private sector are not returning; there was too little stimulus--except for the trillions thrown at Wall Street.

In Greece, Ireland and Portugal, the bankers demand huge cutbacks to services, pensions, any public expenditure, but it was the bankers who caused the crisis, yet the banks are not being asked to pay for it. The bailouts will probably doom those countries to continued recession; their governments won't be allowed to re-stimulate their economies.

The US may be doomed as well, by political shortsightedness, greed, ideological blindness and the overweening power of the Selfish Class, our contemporary Roman Senators.

When you have persistent unemployment rates (officially now 9.1% and unofficially 16-18%), with wages flat and workers scared, you are not going to have expansive demand. Without growing demand, corporations are not going to hire, whether their taxes are raised or lowered. Corporations have been sitting on piles of money and neither hiring, nor investing.

Ordinary people have been left in the lurch. Any commitment on the part of the Obama administration to stimulate hiring, or to aid the housing market by mortgage reform has been abandoned in the face of Republican demands. Impose the same kind of draconian cuts and restructuring as the IMF: huge cuts in services, pensions (like Social Security and Medicare) and jobs, to pay for the debts incurred by the finance nightmare, two unfunded wars and a series of unfunded tax cuts that have enriched a tiny 1% of the nation.

We are told that the US is broke; it's not. The problem is that the wealthy and the corporations are looting the nation--as they looted Portugal and Greece--and they have the political clout (and paid media support) to persuade the political elite, that massive cutbacks are necessary--on others' backs. They even insist, via Republicans like Ryan, that they are over-taxed; the opposite is true.

Many corporations avoid paying any taxes, despite huge profits; many wealthy find enough loopholes, too, to reduce their already low, 33% top tax rate. In the booming 50's, the top rate was 91%, and it was still 70% in the prosperous 1960's.

Shout: "Hell no! We won't pay!" The people and corporations who created this mess should pay for it. Governments should create jobs with their money. To accept the cutbacks is to reinforce the takeover by our Roman Senators. We'll retreat to Fifth Century society made up of Senators and serfs.