How Wall St is Profiting From Our Misery

Austerity measures enacted by the government against the poor at the behest of the banks are another example of how the nation state works as a welfare system for the rich, while regular people endure the ravages of the free market. Writes Robert Reich:

Wall Street and the other biggest global banks, meanwhile, are making

piles of money betting against government debt all over the world.

These were the same banks and financiers, remember, that were bailed out

by government not long ago. But now they’re demanding fiscal austerity,

and politicians are once again doing their bidding – cutting deficits

in every rich economy that should now be doing the reverse.

The people who are suffering the most from the failure of public

officials and the greed of large bankers are the least able to endure

it. Unemployment among people with four-year college degrees is barely

over 5 percent; among high-school dropouts it’s over 25 percent. Those

who have been jobless the longest or who have left the labor force

altogether are men over fifty who are least likely to get back in.

Families most in need are losing the services – state-supported

Medicaid, child dental care, after-school programs for the kids, public

transit – they most depend on.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.