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UNDER CONSTRUCTION (Fine Tuning)

Reading Time: 5 minutes

A key feature of disinformation is that it robs people of an outlook, not just ideas and views, but a coherent world outlook that enables and empowers them to make sense of the world, figure out what is going, avoid illusions, and take actions that favor the public interest and restrict the unjust claims of owners of capital.

Joe Biden’s Economic Dream Team

Such disinformation is evident in a January 6, 2021, BBC News article titled: “Joe Biden: The team he hopes can fix the US economy.”

How exactly will the rich and their political representatives fix their obsolete economic system? Why wasn’t the broken economy fixed long ago? Why are inequality, poverty, unemployment, under-employment, debt, the labor force participation rate, environmental decay, and other major social problems steadily worsening regardless of which party of the rich is in power? Will there even be a useful analysis of what is actually unfolding and what is needed to serve the general interests of society?

Will Biden’s “team of Ivy League trained economists and lawyers, well-versed in the ways of Washington,” as the BBC News article describes them, bring about prosperity and security for all? Is it possible that such a “team” is exactly what is not needed?

Working people want to know why previous fiscal and monetary policies have not fixed the economy so far? Why does the economy keep lurching from crisis to crisis? Why are stability and security so elusive? Why do so many people have a nagging bad feeling in their stomach about what lies ahead? If previous economic stimulus strategies did not work and failed to avert economic collapse, why will the one currently being proposed by Biden work?

It is known that Biden’s “team of Ivy League trained economists and lawyers, well-versed in the ways of Washington” has experience bailing out large for-profit corporations and serving in one of the two parties of the rich in the past, but how does that help the average American who is confronted with growing inequality, joblessness, endless bills, inadequate healthcare, inflation, debt, anxiety, uncertainty, and insecurity?

The U.S. economy is not failing because someone never assembled a “team of Ivy League trained economists and lawyers, well-versed in the ways of Washington.” A “team of Ivy League trained economists and lawyers, well-versed in the ways of Washington” is actually part of the problem because it should be working people who decide the affairs of the economy, not someone else. Production and distribution of social wealth cannot take place without workers. Shouldn’t workers decide the aim, operation, and direction of the economy? Why are they not even in the picture? As the only source of value, why are workers dismissed so casually?

The BBC News headline, “Joe Biden: The team he hopes can fix the US economy,” is meant to keep working people marginalized, humiliated, and deprived of any say over the economy. It is designed to perpetuate the illusion that only the rich and their political representatives can figure things out and should be trusted to do so. The opinions and views of workers are to have no meaningful space or role in directing the economy or the affairs of society.

Unfortunately, Biden and his economic team will do nothing to address the basic contradictions inherent to an outdated crisis-prone economic system. No one believes that a massive surge of amazing jobs that provide people with a dignified existence and security is right around the corner. No one believes that workers in different sectors will suddenly have a real say in how things are run in their sector. And no one believes that the stock market is not going to crash again soon.

Jerome Powell Intensifies Disinformation

“There’s nothing more important to the economy now than people getting vaccinated,” Federal Reserve Chairman Jerome Powell said Wednesday, January 27, 2021.

This is part of the stubborn “the vaccine will reverse economic problems because the virus, not something else, caused the economic collapse” disinformation being relentlessly promoted by the rich and their representatives. Many media outlets are tirelessly promoting the illusion that vaccinating everyone is key to restoring economic well-being. In other words, capitalist economic collapse is not caused by the internal logic and operation of capitalism but by “external” forces like germs or natural disasters. There is apparently nothing inherently wrong with the outmoded economic system itself and no serious analysis is needed: “We just have to get through this pandemic via mass vaccinations and then all will be well again. Just hang in there.” This makes a mockery of economic science.

With or without a vaccine the unplanned chaotic obsolete U.S. economy will continue failing and leave tens of millions behind. About a million new first time unemployment claims have been filed in each of the last 46 consecutive weeks. This is historically unprecedented and unheard of. Staggering by any measure. Even mainstream news sources like Reuters can’t ignore damning and indicting economic data and statistics.

The brutal “business cycle” that plagues all capitalist economies is not caused by bacteria, viruses, or germs. Most, if not all, slumps, busts, recessions, and depressions in the past have had nothing to do with bacteria, viruses, or germs. Pandemics, natural disasters, and other phenomena can affect economic conditions but they are not the underlying reason for endless “boom and bust” cycles that regularly wreak havoc on millions.

So far, big “stimulus packages,” infinite money printing, more pay-the-rich schemes, and endless other distortions of the economy have not solved any problems or given rise to a path that people can call stable, reliable, and sustainable.

Many countries have actually been describing their economic “recoveries” as “jobless recoveries” for decades. Others have used the phrase “another lost decade” to describe the economic mayhem caused by an economic system that cannot provide for the needs of the people. Where is stability, security, and prosperity for all? Why is the financial oligarchy so inept at solving basic problems in the 21st century?

The only solution to the constantly worsening economic crisis is to vest sovereignty in the people through democratic renewal so that they can be the actual decision-makers. Only when decisions are made by the people themselves can their interests and rights be upheld. Keeping people disempowered does not solve any problems. Talking about inclusion while constantly excluding people will ensure that things keep going from bad to worse.

In practice, the existing authority is committed only to making the rich richer. This is why constantly relying on and begging and pressuring the rich and their politicians to do the most basic simple things has not reversed growing inequality, joblessness, hunger, poverty, debt, anxiety, and insecurity. Such begging and pressuring only puts working people, the producers of all social wealth, in a humiliating impotent position. It causes lots of burnout and disillusionment as well. Sadly many will keep begging politicians without ever cognizing that the results of their begging are very poor or nonexistent. They never seem to realize that there are far better ways to advance the public interest than endlessly begging unaccountable politicians. They have yet to realize that existing governance arrangements no longer work, which is why problems keep worsening.

There is an urgent need for an entirely new outlook, direction, politics, and agenda in society, one that stems from working people and serves the general interests of a society free of the destructive influence of narrow private interests and their political representatives. The ideas, views, politics, outlook, and agenda of the rich are anachronistic and retrogressive. They have made things worse for the people and society. No one should believe for one second that the rich and their political and media representatives have the best interest of the people at heart. The power, necessity, and hope for opening the path of progress to society lies only with working people.

The post Can the Rich Fix Their Outdated Economic System? first appeared on Dissident Voice.

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