Perhaps these are problems that can be addressed, however, and the US still produces over 30% of the world’s economy. But what about China, which garners much of the journalistic interest in trade and economy these days? How dominant has it become in that sphere? Do you think that China will soon replace the US as leading economic power? Well, think again. The fact is that China’s economy is still only one tenth the size of Japan’s, and produces less than 10% of the world’s economy. Many economists feel that India, not China, is the real rising economic power in Asia, as it reacts more flexibly to the current economic crisis and deals with it through a banking system that is much more reliable.

How could these bitter blows be allowed to happen in the richest country in the world? Hundreds of millions of dollars owned by the citizens of this country, who would like to read the paper and occasionally go to the theatre, are being given away to the worst corporate executives imaginable who display no shame at the exposure of their unimaginable greed in accepting that money. Was that the former president of Harvard we saw on tv claiming that contracts like this could not be broken? Is that what they teach in the Business Administration programmes at universities that charge incredible sums for students to suck up such knowledge? Maybe it’s time to send those kids to universities that teach the economics of civic pride, corporate honesty, the necessity of spending money to keep cities livable, and the fair distribution of that money.

A 2005 study by the Commonwealth Fund reported that the annual per capita cost for health care in the U.S. was $6697. The next highest, Canada’s, was $3326. Virtually all of Western Europe followed, just below Canada’s cost. The Fund’s measurements of effectiveness AND efficiency in delivering health care placed the United States behind virtually every industrialized nation in almost every meaningful measure: infant mortality, access to care, mortality amenable to health care, healthy life expectancy at age 60, etc. To see the Fund’s reports go to this link.

The Republican opposition to any and all administration suggestions for action has focused on scare tactics that are clearly not relevant and a vague threat that Obama wants to “Europeanize” us. This would presumably mean making us more like France, Germany or Italy with their programs of universal health insurance and accessibility to the best healthcare available in those countries. Since healthcare in those countries ranks as high or higher than care available in the U.S. in almost every category – at approximately half the cost in terms of per capita dollars spent annually as well as in relation to national GDP- it is hard to see the Republicans’ downside.

If indeed we were to Europeanize our health care system we would in effect cut costs in half, improve the measurable overall health of the population, reduce infant death rates, increase longevity and make health care available to all Americans. The existence of powerful private sector lobbies will most likely keep us from replicating the plans in France or Germany or Italy and that is too bad. But clearly some action is required to reduce costs, increase accessibility to health care, and improve the overall quality of life in America. And if taking on a slight French accent is part of the cost, well, c’est la vie.

The three obstructionist governors share a disinterest in the welfare of their lower-class constituents, and a blind commitment to economic policies that have become something of a joke after the disasters of the Bush economy. And two of them – Sanford and Jindal – are playing to the nutty rightwing fringe of the Republican party to put themselves in position to steal the next presidential nomination from the current party darling, Sarah Palin.

It will not matter much which of these putative candidates end up with the nomination as long as they hold onto their frozen-in-time economic theories. But it does matter to those of their constituents who need help to survive in the current Republican-produced economy. To put their behavior in some context: CQ Press has for 18 years published its state livability rankings and its most recent publication placed Mississippi dead last, barely edging out South Carolina which came in 49th four spots behind Louisiana (45th). For discussion of how the rankings are developed, see this LINK.

America’s Health Rankings, done annually by the United Health Foundation since 1999 puts Louisiana at 50th place in the country, Mississippi at 49th, and South Carolina at 48th place. For details on these rankings see this LINK.

So, governors of the three least desirable states in terms of the health of the population and livability in general (including education, poverty, income, infant mortality, education, etc.) are carrying the flag for the Republican party while their constituents are left to fend for themselves. In his response to President Obama’s speech to Congress last night Jindal’s message was to simply follow his example, meaning that soon the entire country could be in the same miserable situation overseen by these three obstructionist idealogues.

In other news: Michael Steele told a Fox News host (who else!) that he was “open to” punishing Senators Susan Collins, Olympia Snowe, and Arlen Specter for their votes on the stimulus package, by withholding RNC monies for their re-election bids. He then said he was “open to everything, baby”. Simply cannot make this stuff up.

Obama has won this round in the fight to get the economy off its back but at some cost to his view of bipartisanship, and hopefully considerable cost to the American people’s trust in the intentions, courage and judgment of the Republican Party. The recovery program proposed by Obama included a mix of tax cuts, infrastructure spending, other employment-related programs, investments in historically underfunded health and education programs and funds to maintain needed relief programs for the unemployed and underemployed. Based on past experience there was never much of a sense that the tax cuts would be especially productive but they were included to move toward Obama’s apparently mythical bipartisanship.

But in this time of national crisis the GOP produced a bunch of whining know-nothings, committed to pure obstructionist behavior. They wedded sarcasm to ignorance in cherry-picking minuscule pieces of the bill to criticize while working to gut any spending that might advance the interests of the American people. For some it seems hard to remember when President Clinton built huge budget surpluses which Republicans have turned into the largest budget deficit in the country’s history – due largely to ill-advised tax cuts for the very rich and a trillion dollar war, which the GOP eagerly funded.

What would they have us do? Boehner, McConnell, Kyle, Cantor, McCain et alia do not have a clue. They mumble about tax cuts, which they tried under Bush and which increased the budget deficit and made the very rich a bit richer; and they cry about spending money after wasting past and future trillions on the Iraq mess.  But at the end of the day they have no ideas, only the capacity to do all possible to obstruct and drive the country into ruin in the hope that they will get another chance to enrich their pals and further their narrow interests at the expense of the country’s future.

The Obama stimulus package is surely only a down payment on what is necessary to turn the Bush/Republican economy around. The fact that three GOP Senators forced reductions in education-related spending while increasing tax cuts in the bill is an indication of trouble to come as they will no doubt continue to obstruct until the country is in total free-fall and then hope to move in to finish their task of turning American into their own banana republic.

“Well, we only have one president at a time. My problem is, at a time of great crisis and [massive] mortgage foreclosures. … I am afraid that overstates the number of presidents.” – Barney Frank

Say what you will about Canada’s “prorogue” approach to delaying a change in leadership, it still beats the U.S. approach. George W. Bush’s presidency is all but over – but he will have had over two months since the election to join with his lame duck Republican brethren in the Congress to screw the country as much as possible. Barney Frank may wish to consider whether he really wants a full-time Bush presidency.

For Bush the time between the election and the actual change of government has become a time to rape the environment, pad the pockets of his pals in the banking sector, implant his discredited ideology on as many parts of America as possible and set up sleeper cells in every federal agency where the eight year onslaught on American interests can continue until the new administration can – literally – flush them out.

Among Bush’s already in place regulatory actions needing reversal are the limit on federal funding of embryonic stem cell research, the so-called global gag rule barring international family planning groups that receive U.S. aid from counseling women about the availability of abortion, even in countries where the procedure is legal, and the decision last year to deny California the authority to regulate carbon dioxide emissions from automobiles.

Bush’s last minute efforts to totally soil his legacy include the opening of some 360,000 acres of public land in Utah to oil and gas drilling, the reduction in outpatient services for low-and moderate-income people covered under Medicaid, reduced access for reproductive and family planning care through a new rule permitting workers to refuse to perform abortions, dispense birth control pills, or even provide emergency contraception in rape cases, the revision of OSHA regulations that make it more difficult to limit on-the-job exposure to toxic chemicals, and the erosion of the Endangered Species Act. In addition, Bush opened up some 800,000 hectares (2m acres) of land in Rocky Mountain states for the development of oil shale, one of the dirtiest fuels on the planet. And the list goes on.

Meanwhile, as Bush fiddles among the burning ruins, the Republican members of the Senate have determined that while they could give $300 billion to banks over a weekend with absolutely no strings attached they cannot bring themselves to support the automobile industry which employs hundreds of thousands of Americans with a $16 billion loan. They prefer to watch the industry go into bankruptcy and the American economy to crash further into disaster in order to destroy the autoworkers union and keep their right wing ideology pure.

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.   –   John Maynard Keynes

As the U.S. economy falters due largely to lending practices that at best were idiotic and unethical and at worst illegal, the government has decided it needed to step in, and has done so at a potential cost of $700 billion. While not as much as the Iraq War has cost surely this must cement George W. Bush’s reputation as the worst American president of all time. This in spite of the inevitable stories in the press seeking to find good things to say about him as his administration slowly, ever so slowly, sinks below the surface.

The following are responses to the government’s bail out project from two of Politicsandpress’s correspondents.

Item from our European Correspondent:

“Hey, hey Ben + Hank finally came up with the plan to end the “turmoil”. Of course it involves having our grandchildren repay the Chinese who will fund it. It really is better than the previous final solution of getting all the worlds central banks to “inject” $180b into “the economy”. That was a good one. Some pundit summed it up for me: ”Having discovered that the brakes don’t work the bankers have supplied the car with a louder horn.” But this new one that Ben + Hank are going to “…work ALL WEEKEND perfecting” (the sacrifices these men make for us) is the one our grandchildren will pay for.

As I understand it from the press its premise is:
“…a comprehensive approach to address the illiquid assets on bank balance sheets that are … the underlying source of the current stresses in our financial institutions and financial markets.” (And all this time I thought the underlying problem was that Amercuns weren’t repaying their debts.)

Anyway, the way this will work is:
“…the new [taxpayer of the future] entity would “purchase assets at a steep discount from solvent financial institutions and then eventually sell them back into the market” through an auction.”

Cool. Buy stuff that is worth nothing (a debt that won’t/can’t be repaid) and later sell at a tooth fairy auction. Ben + Hank expecting to make money on this? Break even? Non-inflationary? They’re not even bothering to tell those lies.

So anyway, anyway, I am all for it cause it kicks the can down the road to a point after which I will have kicked the can.

Washington, DC responds:
The “market” just loves kicking the can. Investments go bad due to the ingenuity of the greedy little men in the world of finance [and the ignorance of the man of the street] with a large helping of gumm’t indifference – and oh yeah add the disastrous balance of trade – and the result is a $500, or is it a $800, billion bailout by our grandkids – ain’t capitalism wonderful? I’m hoping this will put a stop to the religious fervor of the followers of Milton Freedman and his laissez faire capitalism – well, that is too much to hope methinks, how about putting a dent in it.