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The gap between imports and exports shows how much of the USA's apparent prosperity has been borrowed. and considering how so little of that has been going to 99% of the population, it's a good indication of the size of the loot captured by the other 1%. In the long run, we're all dead. John Maynard Keynes
Althought the push is to identify the economic situation in which the US finds itself as the responsibility of the Bush administration alone, when you look at these graphs its obvious that the underlying problem began much earlier during the Clinton adminstration.
And if that's the case, it seems that the two great "victories" of the Clinton administration: 1)The expansion of trade without the adoption of trade rules similiar to what the EU has in the acquis communitaire, and 2) the destruction of the social safety net, i.e. welfare to work, deregulation,etc appear to have laid the foundations of utter economic disaster 10-15 years on.
It almost seems to suggest that the Clinton "miracle" consisted almost entirely of borrowing from the past savings and getting loans from foreign powers. Needless to say I'm not impressed with what Clinton did, but the bigger problem is that the current thinking in the US is that happy days will be here again if we ditch Bush. The problem with that being, that it does nothing to confront the underlying unsustainability of the current economic model. And the same people who pushed bad neo-lib policy during the Clinton administration are now advising the two front runners in the Democratic primary.
And people are more interested in talking about the novelty of having a woman or a black man as president than looking past the bullshit about that being change to realized that the race or gender of a nation's leader has zero effect on working people's lives unless there's a fundamental shift in economic thinking in the country. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
Previously, much of this had been sourced from Mexico and Latin America. And Latin America has traditionally been one of the best markets for American export. The Mexican economy has been under attack from cheap Chinese imports both internally and in it's exports to the US. And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
Without an agreement that off-shoring is acceptable and we're all going to one big happy service economy from now on - q.v. the dot-com economy as the prototype both for Enron and for the housing bubble - Bush would have had to start by dismantling a centrist narrative, and not just by (e.g.) taking offshoring for granted.
The fact that the middle classes did well under Clinton shouldn't excuse the fact that he was still a centre-rightist, whose main interest was always 'the economy' (i.e. Wall St) and not so much other participants.
When two people claim there are evil Martians living in the basement, and you have a XOR decision point, the difference between one saying to placate the Martians the house must be destroyed and the other saying to placate the Martians only the kitchen and bathroom(s) need to be destroyed is important. With the latter at least the walls and roof are still there.
During the Bush administration the crazies have spent much time and energy tearing down the house. During the Clinton administration only the kitchen and bathroom(s) were 'reformed.' People, naturally, look back at the period when the walls and roof were still there and say, "Gosh it was nice when we still had walls and a roof and wouldn't it be great to get them back?"
Expanding the analysis --- ;-)
Since both parties depend on wide acceptance of the proposition there are evil Martians living in the basement for their existence neither looks kindly on those pointing-out there is, in fact, no evil Martians living in the basement but there are problems with the oil heater in the basement, the water pipes are clogging, and summer is coming on and the air conditioner is broke. Naturally the parties, when getting this looks at the one making the argument and either flatly denies there are problems with the oil heater in the basement, the water pipes are clogging, and summer is coming on and the air conditioner is broke or, the slightly less crazed, says "Yes, there are problems with the oil heater in the basement, the water pipes are clogging, and summer is coming on and the air conditioner is broke BUT there are evil Martians LIVING in the BASEMENT!"
shrug She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
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