Tuesday, November 9, 2010

Sen. Fritz Hollings Asks: What Went Wrong?

Senator Fritz Hollings, at the Huffington Post, writes:
After eight years of Bush borrowing and spending to the tune of $6 trillion dollars, tax cuts and stimulus, wars and off-shoring a third of the nation's manufacture, the voters wanted no more. But Obama gave them even more borrowing and spending to the tune of $3 trillion, tax cuts and stimulus, wars, and off-shoring our industrial backbone -- thus, the shellacking. 
What Went Wrong
Right on, Senator. The decline of the middle class will not be reversed until we restore our manufacturing base via protectionist trade measures. (Or fair trade for everyone, but that'll never happen.) Enforcement of trade laws, and the implementation of a VAT are necessary components of a prosperous industrialized society. But the reversal of decline will never happen as long as our politicians are beholden to bankers, and the free trade chimera.

Read the Article at HuffingtonPost

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