In the name of overcoming the severe economic crisis that USA faced in 2008, 2009 the President Obama’s Government and the Federal Reserve of America together doled out 13 lakh crores dollars to the big corporates as bailout funds.With this they were able to come out of their losses and have funds to the extent of 2 lakhs crores dollars. But the Corporates are utilising these funds for buy backs, acquisitions, mergers, and for payment of dividends. They are not utilising it for creation of jobs.
As per the statistics given by the USA’s Labour Department, in May 2011, about 54000 jobs were created newly whereas 1,42,000 full time jobs were lost. At the same time 1,54,000 new jobs have to be created in the month to provide those newly entering in job market. At the same time part time and low paid jobs only are mostly created. In the past 5 months 4,17,000 part time jobs are created. Government employees are being thrown out of their jobs. In a single month 1,03,000 government Teachers were removed. In the name of reducing Government expenditure, about 3 lakh government employees were removed in one year.
The Corporates are utilising this problem of unemployment to argue for more tax concessions from Government, in the name of providing employment. But the people of America have started thinking critically about the American capitalist system.Majority of the people are thinking that due to globalization the profits of American Corporates are increasing whereas workers are losing jobs. American Commerce Department revealed that the American Corporates abolished 24 lakhs jobs in America and created 24 lakh jobs in foreign countries. The famous General Electric Company(GE) of America is having 60% of its business in other countries. As per the survey of the famous research institute “Globe Scan”The opinion of the American people is increasingly going against free market economy. 80% of the people in America upheld free market economy as the best economy as per the survey held in 2002. But as per the survey in 2010, only 59% supported this view. American women have become more negative on free market economy. Only 52% of them supported it. Only 42% among the Americans having less than 20000 dollars per year income supported free market economy.
Globe Scan Chairman Doug Miller stated, “The poll suggest that American business is close to losing its social contract with average American families that has enabled it to prosper in the world. Inspired leadership will be needed to reverse this trend.”
But is it simply the failure of the leadership or the failure of the Capitalist system? Science says it is the failure of the Capitalist system and leadership, even if inspiring, can only lessen the pain, but cannot cure it. The real solution is to change the system.
(Sources: Prajasakti dated 10-6-2011 and the website www.globescan.com)
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