Tuesday, August 30, 2011

Saving The Economy

"'Saving the economy' is the slogan used to defend every sort of injustice and negligence, from defeating health-care legislation to ignoring the Clean Water Act to shunning the Kyoto Protocol on Climate Change. But should we save an economy in which the finance industry claims over 40 percent of all corporate profits and a single hedge fund manager claims an income equivalent to that of twenty thousand households? Should we save an economy in which the top 1 percent of earners rake in a quarter of all income? Should we embrace an economy in which one in ten households faces foreclosure, 44 million people live in poverty, and 51 million lack health insurance, an economy in which the unemployment rate for African Americans is above 17 percent and for all workers is nearly 10 percent? Should we defend an economy that even in a recession generates a GDP over $14 trillion, a quarter of the world’s total, and yet is supposedly unable to afford to reduce its carbon emissions? Should we serve an economy that represents less than 5 percent of Earth’s population and yet accounts for nearly half of world military spending? A reasonable person might conclude that such an economy is fatally flawed, and that the flaws will not be repaired by those who profit from them the most."

- Scott Russell Sanders

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