US Debt to Increase by almost 10% to Bail Out Bankrupt Capitalists

Over the last couple days, as the drama on North American financial markets has unfolded, the US government decided that it needed to do something. And now that something has emerged as a US$700 billion plan to buy bad debt from banks and investment houses.

Brilliant. This plan will take the US debt from US$9.668 trillion (I can't even properly conceptualize that much money) to about US$10.3 billion. This plan will increase the US national debt by 150% the amount of the entire Canadian national debt (currently about C$500 billion or about US$477 billion). And for all this debt, Americans don't even have a national healthcare system. Lets, just for the shock value, look at these values expressed as numbers.

US National Debt: US$10 368 000 000 000
CAN National Debt: US$500 000 000 000

That's obscene. What is even more obscene is that this bail out won't do a single thing to help the ordinary people of the United States. The working class won't see a penny of this money. Bush is going to transfer $350 billion per year to the capitalist class. These are the same people who scream about welfare recipients getting a grand or two a month, so that they can buy food and pay rent (and often can't afford even that). And yet some on the right are screaming about this being "socialism." Trust me when I say, as a socialist, that this is not socialism. This is kleptocracy. The capitalists made ridiculously bad business decisions, endangered the fundamentals of the American economy, got filthy rich in the process, and now their mistakes are being covered by the taxes paid by working class Americans. It's obscene.

Americans are going to be stuck paying for this bailout for decades to come, if not centuries. The stupid, greedy piggish capitalists have gotten bailed out of their stupidity, and once again it comes on the backs of the people most oppressed by the capitalist system. But so long as the American media gushes about this bailout, most people won't ever know the difference. And of course, the supposed "left wing alternative" in the US, the Democratic Party, is cheer-leading this bullshit and will uncritically pass it through Congress.

This is bullshit. Americans need to be up in arms about this. Their future is being mortgaged (pun not intended, but now I like it) to bail out irresponsible pig-dog capitalists. But there is no outrage. It is beyond frustrating.

Days Remaining in Bush Presidency: 121