There is a growing number of war jobs while civilian employment sinks. Pro-business propaganda has successfully convinced the Congress that deficit reductions must come before job creation. The National Employment Law Project (NELP) reports:
"The Department of Labor has reported that more than 300,000 workers will run out of benefits by June 12th, the end of the first week Congress returns from recess."
Economist and former Labor Secretary Robert Reich attacks what he calls the "Deficit hawks" by arguing that consumer spending is 70 percent of the American economy, so if consumers can't or won't spend we're back in the soup.
He writes, "Yet the government just reported that consumer spending stalled in April - the first month consumers didn't up their spending since last September. Instead, consumers boosted their savings, probably because they're worried about the slow pace of job growth ".
So what's Congress doing to stoke the economy as consumers pull back? In a word, nothing."
Congress may not be passing new job creation bills but there is something insidious underway as these deficit hawks are said to be beginning to target Medicare and Social Security.
As for financial reform, many media outlets are not sure where that is going either. Example, an editorial in the Milwaukee Journal:
"As Congress works to put the finishing touches on a massive bill to reform the nation's financial system, it's a fair question to ask whether the proposed legislation will do what its sponsors claim: reduce the odds of another crisis, protect consumers and ensure that taxpayers won't be on the hook for a future bailout.
At the same time Heather Booth of Citizens for Financial Reform is mildly optimistic, and chides my pessimism, writing:
"Do think you are not recognizing what was accomplished--while it is important to say that the struggle goes on and the nature of the crisis demandsmore.
We achieved so much more than anyone thought we could at the start of thisfight.
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