At his first presidential press conference yesterday, Joe Biden had this to say on China: “They have an overall goal to become the leading country in the world, the wealthiest country in the world and the most powerful country in the world. That’s not going to happen on my watch.”
Sorry, Joe, it’s happening and it’s partly your fault.
The Covid Bailout passed by the Trump administration in 2020 (the CARES Act) funneled $2.3 trillion mainly to the banks and corporate America, with a surge option of $4 trillion for big business.
Here’s a symbol for you. I have an American flag t-shirt. It’s made by a company called “True Grit” (John Wayne!) and the label says “Authentic California.” But was the shirt made in California? Ha ha! It was “Made in China.”
Why is China ascending while the USA descends? Here are five reasons:
- America’s wasteful war on terror has cost somewhere in the neighborhood of $6 trillion with nothing to show for it.
- Politicians like Obama/Biden prefer to bailout Wall Street and the banks rather than ordinary Americans. For example, the bailout of Wall Street in 2008 was a trillion-dollar mess, Matt Taibbi notes.
- The Covid Bailout passed by the Trump administration in 2020 (the CARES Act) funneled $2.3 trillion mainly to the banks and corporate America, with a surge option of $4 trillion for big business, notes Matt Taibbi.
- Bad trade deals like NAFTA, advanced by Democrats like Bill Clinton and Joe Biden, ensured that American jobs would go overseas to countries like China having much lower labor costs.
- Tax cuts for the richest Americans under the Trump administration starve the government of funds, ensuring little investment in the homeland even as the rich get richer.
Now, imagine if this money had been invested in America. We’re talking $10-12 trillion for infrastructure, essentials like roads, bridges, dams, high-speed rail, renewable energy, better schools, and so on. Imagine how much more advanced and healthy America could be if our priorities changed.
Our government has been captured by the special interests, specifically corporations, banks, and the military-industrial complex. It’s socialism for the rich and dog-eat-dog capitalism for the poor. The plutocrats, kleptocrats, and militarists are cashing in even as America hollows out.
What we need is a true Marshall Plan — for America. A reinvestment in ourselves. What this means is an end to forever wars, major cuts in military spending, higher taxes on the plutocrats and corporations, and a focus on putting Americans back to work and with a living wage. A green new deal could and should be one aspect of this.
We need to show some “true grit” again, America; not grit that’s “Made in China.”