Black Hoover

Who cares where John Wayne was born?

It’s the economy, stupid.

It’s 9% unemployment.

Who cares if that baby killer goes free?

It’s 50% no jobs for the young this summer.

Who cares if Romney misspoke or un-remembered?

It’s 17% underemployment and unemployment.

It’s the Democratic Party and no alternative to Wall Street Barry.

This black Hoover acting like Keynes was never born.

De-housing millions but you bail out the banks?

It’s the economy, stupid.

It’s 30% underemployment or unemployment for African-Americans.

Who cares where John Wayne was born?

The poem and my frustration is related to a headline — Obama faces no Democratic challenger — and the following by Dean Baker yesterday, stating the obvious:

Keynes in the 1930s … explained how the government could provide the boost necessary to get an economy back to normal levels of employment and output. There, of course, has been much work subsequent to Keynes that built on his basic insights. In principle, this work implies that there is no reason that economies should ever again be forced to endure long periods of high unemployment, just as there is no reason for us to expect 16th-century mortality rates for our children.

However, many in the media and policy circles insist 0n telling us that we are doomed – we just have to accept that it may be close to a decade before we get back to normal levels of unemployment. In the meantime, tens of millions of people around the world will be condemned to unemployment or underemployment, because the folks responsible for managing the economy messed up.

It is worth asking what this view tells us about the economy and economists. …

So, Barry Hoover triangulates and takes care of Wall Street again, echoing instead of rejecting the Republicans, who say that what matters _right_ _now_ is the deficit. That uniparty inside the Beltway political/media world — created by the rich and their money — deciding how to cut the deficit while we have 9% plus unemployment. Similar madness in Europe, their Austerity Crusade, all major parties deficit-cutting united during their deeper-than-ours recession, twice as deep in Greece, Portugal, Ireland and Spain.

Where is the mainstream, Keynesian alternative that could destroy the anti-prosperity bloc, that could end The Austerity Crusade? Surely a majority of the electorate is not so easily fooled into thinking that we _need_ unemployment, homelessness, and hard times, that those are somehow (classical economics) ‘good for us’? Or has the mainstream media sell job worked and brought about an era of pre-Keynesian masochism?

P.S. I’m sure others here have noted the following from today’s Ezra Klein (emphasis added):

With Republicans saying no tax increases, or even revenue increases, and Obama resisting the word “revenue” and the term “tax increase,” you can be pretty sure that the final deal is going to tilt extremely heavily towards spending cuts.

And that seems to be the tradeoff the White House is going to make on this issue. Occupying the political center means accepting a deal that’s substantively very far to the right.