In the Twilight of Empire: America’s past performance is no guarantee of a future [View all]
from In These Times:
In the Twilight of Empire
America’s past performance is no guarantee of a future.
BY Jeff Faux
Historians who look back to our time will surely conclude that our problem was not that we didn’t know where we were headed, it was that we didn’t act on what we knew.
Before the financial crash of 2008-2009 and the Great Recession that followed, there was ample warning. Whether you were a journalist who reported the news, a politician who made the news, or a citizen who read or watched the news, it was hard not to be aware that for the past 30 years, the following had been happening:
Most Americans experienced stagnant real incomes, shrinking financial security and fraying social safety nets.
The nation bought more from the rest of the world than it had been selling and was borrowing to finance the difference.
Despite the erosion of U.S. economic power, the governing class—Democrats and Republicans alike—insisted on maintaining its global hegemony, whatever the cost. ....................(more)
The complete piece is at: http://www.inthesetimes.com/article/13629/in_the_twilight_of_empire
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