Congress unable to fix US economy, Americans too apathetic
10 Nov, 2010 23:31
The US will face challenges over its decision to pump $600 billion into its economy from the G20 nations in South Korea, a move many economists and foreign leaders have spoke out against.
Stateside, many Americans are calling for other domestic measures, such as continued tax cuts, a cut in government spending, creation of more American jobs and Wall Street reform. Nomi Prins, the author of “It Takes a Pillage” and a senior fellow at Demos said its clear many Americans and politicians want to make these changes, however it is unclear what Congress would do specifically from a policy standpoint. “Republicans will continue what they have been doing so far, which is trying to obstinate a lot of the policy so they can put the message forth,” said Prins. “It’s not clear how they’re going get jobs out of that.” Prins argued the recent midterm elections were a win for Wall Street, not for reform. The Wall Street reform bill put in place prior to the elections changed very little and did not address major economic concerns in America and new legislation now is not likely to either. “Wall Street has been pulling the strings in Washington,” she explained. “It is the largest sector of campaign contributions, and that’s to both parties.”Wall Street funds both political parties, and ensures their influence on both sides.The financial system will remain relatively the same regardless of which party picks up seats in Congress, Prins argued.Americans need to stand up and call for change like the students protesting tuition hikes in the UK, as opposed to being apathetic and moving on so easily. “I don’t think they get all of the dots and how that impacts them enough to motivate them to really get out in the streets the way we are seeing in Europe,” she explained.