FacebookTwitterGoogle+RedditEmail

The Real Obama Emerges (Again)

by JILL STEIN

If you’re having political déjà vu as Obama’s second term in the White House gets underway, you’re not alone.

The supposedly populist candidate — who won re-election promising to tax the rich, protect Social Security, and make the economy fair — has morphed back into an invaluable ally of the economic elite. Yet again, he’s willing to let you fall under the bus.

In carving out 2013′s first round of self-inflicted budget pain, President Barack Obama has laid the groundwork for much worse to come. By making most Bush tax cuts permanent, he gave away the massive bargaining chip he could have used to protect safety net programs in the next negotiating round. Now, thanks to his pre-emptive capitulation, austerity advocates hold all the cards.

While the deal extends unemployment insurance, this temporary relief is overwhelmed by massive, permanent gifts to the super-rich. Estate taxes have been repealed for all but the wealthiest 0.1 percent with a whopping $10.5 million per couple exemption. The agreement also locks in low capital gains and dividends rates of 15-20 percent, ensuring that billionaire bosses everywhere will pay lower tax rates than their secretaries.

Among new corporate favors, the deal retained one of the loopholes that multinational firms are using to dodge taxes on their foreign subsidiaries — an incentive to export jobs that cost us $1.1 billion in 2012. Meanwhile, vulnerable workers are hit with a big increase in Social Security payroll taxes, as rates revert to 2010 levels.

The fig leaf Obama provided to cover this surrender is a token tax increase on wealthy households earning over $450,000 per year. This marks a brazen retreat from his promise to raise taxes on those earning over $250,000, a meager reform to begin with in a tax system already rife with favors for the rich.

In this past round of budget bargaining, Obama proposed alarming cuts to key safety net programs that will be considered in upcoming negotiations. This tossed aside another key promise: to protect Social Security. It comes as nearly half of Americans are either low-income or living in poverty, and one in three seniors relies on Social Security to stay out of poverty.

Obama also offered to slash needed reductions in bloated military spending from $500 billion over 10 years, the amount included in the 2011 budget deal, to a mere $100 billion.

Obama’s abandonment of his progressive base repeats 2008 post-election history, when the hope-and-change candidate suddenly devolved into a fearless defender of economic privilege. His early White House appointments of Wall Street darlings Larry Summers and Timothy Geithner were followed, with breath-taking irony, by the naming of General Electric CEO Jeffrey Immelt, America’s leader in layoffs, to head the jobs council.

Team Obama then led the charge for trillions in Wall Street bailouts, corporate-driven trade agreements that send jobs overseas and depress U.S. wages, health care reform that locked public options out of the debate, drill-baby-drill energy policies, the sabotage of international climate accords, foreclosure neglect, surging immigrant deportations, drone attacks, assaults on civil liberties, and more.

As Obama’s second term begins, he’s again undermining the progressive base, paving the way for more austerity, disparities, war and corporate power.

Washington’s failure to deal justly and effectively with the fake fiscal cliff calamity leaves little hope it will resolve the real looming crises — the unraveling economy and accelerating climate catastrophe. The enormity of these threats compel solutions of equal magnitude — like the Green New Deal I promoted as the Green Party’s presidential candidate in 2012. It would obliterate the fiscal cliff while putting America back to work, greening the economy, cutting the oversized military, saving trillions through Medicare for All, and taxing the wealthy.

Fortunately, grassroots movements and non-corporate political parties have begun to lead the way. It’s time to join them while we still can, putting our voices, bodies, and votes behind real solutions that can truly deliver a peaceful, just, green future for us all.

Jill Stein won half a million votes as the Green Party’s presidential candidate in 2012.

Distributed via OtherWords  for publication in newspapers internationally.

More articles by:

CounterPunch Magazine

minimag-edit

bernie-the-sandernistas-cover-344x550

zen economics

May 22, 2017
Diana Johnstone
All Power to the Banks! The Winners-Take-All Regime of Emmanuel Macron
Robert Fisk
Hypocrisy and Condescension: Trump’s Speech to the Middle East
John Grant
Jeff Sessions, Jesus Christ and the Return of Reefer Madness
Nozomi Hayase
Trump and the Resurgence of Colonial Racism
Rev. William Alberts
The Normalizing of Authoritarianism in America
Frank Stricker
Getting Full Employment: the Fake Way and the Right Way 
Jamie Davidson
Red Terror: Anti-Corbynism and Double Standards
Binoy Kampmark
Julian Assange, Sweden, and Continuing Battles
Robert Jensen
Beyond Liberal Pieties: the Radical Challenge for Journalism
Patrick Cockburn
Trump’s Extravagant Saudi Trip Distracts from His Crisis at Home
Angie Beeman
Gig Economy or Odd Jobs: What May Seem Trendy to Privileged City Dwellers and Suburbanites is as Old as Poverty
Colin Todhunter
The Public Or The Agrochemical Industry: Who Does The European Chemicals Agency Serve?
Jerrod A. Laber
Somalia’s Worsening Drought: Blowback From US Policy
Clancy Sigal
I’m a Trump Guy, So What?
Gerry Condon
In Defense of Tulsi Gabbard
Weekend Edition
May 19, 2017
Friday - Sunday
John Pilger
Getting Assange: the Untold Story
Jeffrey St. Clair
The Secret Sharer
Charles Pierson
Trump’s First Hundred Days of War Crimes
Paul Street
How Russia Became “Our Adversary” Again
Andrew Levine
Legitimation Crises
Mike Whitney
Seth Rich, Craig Murray and the Sinister Stewards of the National Security State 
Robert Hunziker
Early-Stage Antarctica Death Rattle Sparks NY Times Journalists Trip
Ken Levy
Why – How – Do They Still Love Trump?
Bruce E. Levine
“Hegemony How-To”: Rethinking Activism and Embracing Power
Robert Fisk
The Real Aim of Trump’s Trip to Saudi Arabia
Christiane Saliba
Slavery Now: Migrant Labor in the Persian Gulf and Saudi Arabia
Chris Gilbert
The Chávez Hypothesis: Vicissitudes of a Strategic Project
Howard Lisnoff
Pay No Attention to That Man Behind the Curtain
Brian Cloughley
Propaganda Feeds Fear and Loathing
Stephen Cooper
Is Alabama Hiding Evidence It Tortured Two of Its Citizens?
Sheldon Richman
The Real Danger From Trump is Ignored
Jay Moore
Learning from History: Resistance in the 1850s and Today
Matthew Stevenson
Down and Out in London and Paris With Macron, May, Trump and Gatsby
David Jaffee
Rolling Back Democracy
Fred Gardner
Irrefutable Proof: Russian Election Meddling Documented!
Jess Guh
Neurology Study Reveals What We Already Know: People of Color Get Worse Healthcare
Joseph Natoli
A Culture of Narcissism, a Politics of Personality
David Rosen
Politics and the Agent of Social Change
Ian Almond
The Secret Joke of Our Democracy: Britain’s Elephant in the Boardroom
Andre Vltchek
Revolution Vs Passivity
Erik Rydberg
Stop the Jordan Cove LNG Project #NoLNG
Vijay Prashad
When Israeli Fighter Jets Almost Killed Nehru
Christopher Brauchli
The Certified Trump
Chuck Collins
Congress Wants to Cut Your Health Care — And Billionaires’ Taxes
Martin Billheimer
William Wilson, Inc.
FacebookTwitterGoogle+RedditEmail