UK Brown Urges Global Efforts Towards Job Creation while the U.S. Fiddles
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U.K. Prime Minister Gordon Brown has urged the world’s most powerful economies to seal a “global growth pact” to fight unemployment. Brown was joined on Saturday by other top economic policymakers in his call for a transformation of the G-20 to help it remain relevant in a global economy torn by clashing national interests – although their focus differed somewhat from his. To tackle high unemployment in poor and rich nations and a lack of economic growth in Europe and the United States, politicians need to look beyond merely reducing deficits, Brown said.
Contrary to what deficit hawks like Alan Simpson tout, global leaders are on board with job creation as the way out of the global crisis. That requires massive capital investment and willpower. As I wrote earlier today, the President needs to decide where he stands — with the people or with the corporations and banks. This is the most important challenge for him, for us, and for our country.
It is all well and good that major leaders like Gordon Brown urges job creation, but we have something worse than gridlock going on here in the U.S. We have political and corporate collusion going on. I wrote on this subject yesterday and will continue as this trend is very troubling. The trend could have long term consequences for the health and well-being of our country. In order for our country to remain viable and to remain the global leader we must have a vibrant economy. 26 million unemployed and underemployed is a complete drag on our country’s progress.
What we have are Republicans working on behalf of the largest corporations to stall any jobs packages until they can lobby for less financial and environmental regulation. On their end, corporations are not making any major investments to expand their businesses which would translate into jobs. Taken altogether, everyday Americans are being held hostage by this collusion.
There is a fundamental misunderstanding by many on the present socio-economic reality. We are taught, and many of us believe is we, Americans, are all supporting the socio-economic structure. From low income to high, working people and business owners are supporting the American pyramid. That has changed over the past 5-10 years. What has changed and is so dramatic is large corporations ARE the pyramid. We are all working for their benefit as they have seized socio-economic power in the United States. The five largest banks, and the mega-corporations like GE and Exxon-Mobil and Koch Industries, etc., and 400 families in America are so wealthy they wield far reaching influence in the halls of government, whether local, state, or federal.
I have written numerous posts about Koch Industries, the giant conglomerate, whose owners (David and Charles Koch) have setup and funded numerous lobbying groups in the guise of grass roots organizations, think tanks, and even the Tea Party in order to leverage their wealth to weaken financial and environmental regulation. The Kochs are also ideologues who are anti-union, anti-public education, anti-gay, anti-civil rights, and against financial and environmental regulation seen as interference with their money making ventures. These are dangerous people who are actively trying to undo the fabric of America.
Another impediment to U.S. progress is a disconnect with the G-20 who want to over haul the monetary system and promote cooperation to create jobs. Without job creation, countries economies will remain anemic.
While Brown said an overhaul of the monetary system was necessary, he chose to take a broader view.
“I cannot imagine that the world can solve the unemployment problem we’ve got without closer economic cooperation,” he told the panel, organized by the United States’ German Marshall Fund, a nonpartisan public policy group.
Brown’s also cautioned… that there was a lack of political will on the international level to compromise on domestic interests. “We are retreating into national silos just when international economic cooperation is more needed than ever,” Brown warned.
If China increases domestic consumption faster than expected, the U.S. manages to rebalance its own expansive consumption and investment patterns and Europe can overhaul its struggling economies, the global economy could grow about 4 percent faster by 2014, create 50 million jobs and pull some 100 million people out of poverty, Brown said citing a report by the International Monetary Fund.
Source: Long Island Press