Obama saved capitalism

By Wayne Madsen



The canard that President Obama is anti-business is a propaganda remnant from Mitt Romney’s failed presidential campaign.

Obama, after all, was the president who bailed out Wall Street with the Troubled Asset Relief Program. TARP and other Obama corporate rescue programs, after all, benefited such goliath corporations as Bank of America, Citigroup, AIG, General Motors and Chrysler — saving tens of thousands of jobs.

Predatory capitalism

Romney, who wanted the Detroit auto makers to go bankrupt, represents the predatory form of capitalism that swarms all over dead or dying corporations to pick their assets clean by selling them off with huge profits going to the vulture-like middlemen. General Motors and Chrysler likely would have been diced and sliced with their valuable assets put in the hands of Chinese, Russian, Japanese and European conglomerates courtesy of financial corpse-preparing morticians like Bain Capital.

Obama’s American Recovery and Reinvestment Act, the economic stimulus package of 2009, provided direct and indirect assistance to small and large businesses through the hiring of construction firms and related firms to rebuild roads, highways, rail lines, airports and telecommunications infrastructure.

Foreign outsourcers

A “Buy American” clause prevented notorious foreign outsourcers from by-passing American workers and manufacturers by seeking out the lowest wage earners and cheapest products abroad.

As the dreaded Jan. 1 “financial cliff” approaches, President Obama is proposing a return to Clinton administration tax rates, which imposed a top rate of 39.6 percent on for those earning more than $250,000 a year.

That’s only a slight bump up from the 35 percent rate put in place by the Bush tax cuts, and together with mandatory cuts and proposed tax increases of about $600 billion, assure a soft landing for America’s recovering economy.

Arch-conservative organizations like the Competitive Enterprise Institute, Club for Growth and American Legislative Exchange Council are seeing public support erode for tax-breaks for the rich, cuts in Social Security and Medicare, and slashing of public education, infrastructure improvement, and crucial new research and development projects.

A new consensus

It’s becoming increasingly clear that President Obama may be on the verge of forging a new can-do coalition of Democrats and moderately-conservative Republicans that would jump-start economic growth by restoring Clinton-era tax rates, while saving the vital health and social services programs popular with most Americans.

Today’s malefactors’ of great wealth already have launched an industrial strength propaganda campaign to discredit Obama’s recipe for economic growth.

The media should respond by remembering the mission Chicago journalist Finley Peter Dunne urged on newspapers at the turn of the last century: “Comfort the afflicted and afflict the comfortable.”

Wayne Madsen is a contributing writer to www.onlinejournal.com. Distributed by McClatchy-Tribune Information Services.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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