Radical/Progressive Queer News and Commentary
from Memphis, Tennessee
Sunday, August 15, 2010
Third World America: The Collapse of American Capitalism
As most working class Americans realize, the American capitalist system is collapsing, along with the "middle class" and the "American Dream" (home ownership, living wages, college, etc.)
As profits soar on Wall Street and among the financial institutions the American working class bailed out, workers and the middle class are losing wages, jobs and living standards. While demand is falling, the U.S. political and media elite are still focused on giving more tax breaks to the wealthy corporate elite who have declared war on labor and the middle class.
The irony is that while Obama and the corporate Democrats focused on saving American capitalism, they will suffer the wrath of the American voters as the system collapses.