Friday Aug 10, 201202:06 PM GMT
US elites to blame for economic genocide: Analyst
50 million Americans are in extreme poverty due to the government
50 million Americans are in extreme poverty due to the government's austerity measures.
Fri Aug 10, 2012 1:25PM
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Wall Street financier elite that dominates the United States is psychotically planning a series of tax increases for the middle class and working people, cuts in benefits and social services, and a transfer of wealth in favor of the top 1 percent, all of which will add up to a further cut of about 25 percent in the depleted US standard of living.”

Dr. Webster Griffin Tarpley, author and historian

An American author and historian says the US ruling elites are responsible for the ongoing plight of American citizens by imposing austerity and transfering wealth to the top one percent, Press TV reports.


“Wall Street financier elite that dominates the United States is psychotically planning a series of tax increases for the middle class and working people, cuts in benefits and social services, and a transfer of wealth in favor of the top 1 percent, all of which will add up to a further cut of about 25 percent in the depleted US standard of living,” Dr. Webster Griffin Tarpley wrote in an article on Press TV website.

He further argued that, the official statistics has reported the US unemployment rate at 8.3 percent, which basically “understates the problem”.

“The US Department of Labor publishes a data series called the U6 unemployment rate, which tries to reflect underemployment, as in cases where a worker who wants to work full-time is forced to work part-time and workers who have given up their job searches in despair,” Tarpley added.

The analyst explained that with the mentioned measure, the US jobless rate is as high as 15 percent, meaning that over 23 million Americans are out of work.

“If we add in elderly dependents and children, we will once again get close to the 50 million whose lives are now in danger,” he noted.

The American author also warned that austerity and cuts in public services will rise in the coming months after the US presidential election.

He went on to say that, following the US presidential election several defeated or retiring congressmen will be looking for jobs on Wall Street and will be “eager to betray the economic interests of the American people to curry favor with the bankers they hope will hire them”.

“Neither Obama nor Romney has anything to offer the endangered 50 million. Indeed, Romney has already announced that he is “not worried about the poor.” This issue highlights the inhuman cruelty of the political process in the United States today. How long before a social explosion forces the ruling elite to confront these issues?” Tarpley concluded.


TNP/JR
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