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August 4, 2013

The Death of Populism


The death of populism indeed, only to be replaced by the radical politics of Barack Obama.


The land where those who exchange their votes for the “free stuff" provided by those among us who chose to work for a living, must be asking the question, when is enough, enough?


As contributor Victor David Hanson for the National Review Online:

The influx of millions of illegal immigrants has ensured corporate America access to cheap labor while offering a growing constituency for political and academic elites.

Yet the earning power of poorer American workers especially African Americans and Hispanic Americans has stagnated.

The common bond between the agendas of La Raza activists and the corporate world is apparently a relative lack of concern for the welfare of entry-level laborers, many of them in American inner cities, who are competing against millions of illegal workers.

Given the slow-growth, high-unemployment economy, and the policies of the Federal Reserve, interest on simple passbook accounts has all but vanished.

The poor are not so affected. They are more often borrowers than lenders, and they are sometime beneficiaries of federally subsidized debt relief.

The rich have the capital and connections to find more profitable investments in real estate or the stock market that make them immune from pedestrian, underperforming savings accounts.

In other words, this administration's loose money policy has been good for the indebted and even better for the stock-invested rich. But it is absolutely lousy for the middle class and for strapped retirees with a few dollars in conservative passbook accounts.

The aftermath of the 2008 financial meltdown followed the same script. The crisis arose from a strange connivance between loans to the unqualified and huge profits for Wall Street. Its remedy was to have the lowly taxpayer pick up the walk-away debt of the former while offering bailouts for the latter.

Entire article below.
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Posted by DancingCzars at August 4, 2013 1:44 PM

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