The economy is still struggling, and the middle class is under assault: So, who’s to blame?
Politicians! That’s the answer from Arianna Huffington in her new book “Third World America.” The subtitle says it all: “How Our Politicians are Abandoning the Middle Class and Betraying the American Dream.” (Scroll down on the right side of this page to see earlier posts.)
But who is guiltier? Left? Or, Right? To those questions, Huffington says: Both!
Both Republicans and Democrats have caused the problem. The Obama Administration is culpable, too. The leaders of Obama’s economic team “are all good people,” she writes, “many of them brilliant, working incredibly hard with the best of intentions to solve the country’s financial crisis.”
But good intentions and hard work aren’t enough, if these leaders have a flawed understanding of the world and the way it works. In Huffington’s opinion, Obama’s economic team is “operating on the basis of an outdated cosmology that places banks at the center of the economic universe.” The same can be said for the economic teams of previous administrations.
A bank-centric worldview encourages a rush to bailout Wall Street but a neglect of policies to aid the ailing middle class. Both Republicans and Democrats were much more supportive of the Wall Street bailout than the bailout of Detroit automakers. There was a hatred of the Big Three that surpassed any loathing of Wall Street, as we talked about on OurValues at the time.
The big question, of course, is what this will mean at the ballot box in several weeks.
What do you think will happen?
Will the middle class desert Obama?
Will the Tea Party score big?
Please, leave a “Comment” below?