Monday, August 8, 2011

Obama's road to Damascus moment?

Has Barack Obama had a ‘road to Damascus’ moment? Suddenly after almost three years in office, he is uttering the word heard around every kitchen table in the US: Jobs!

The 45 American president is running sacred; he may not be returned for a second term in office. Will the voters respond to Obama’s re election?

He has to earn their votes. Judging by his short sighted response to the right wing Republicans agenda, the president has a lot of catching up. Standing up the maddeningly crowd in Congress, his vision was short sighted. How else could it not be? Brushing aside the advice of American Noble prize winners in economics who called for more government spending to create jobs, put the un and underemployment back to full time work, in order to pull the economy out of the morass the 2008 global economic recession created by Wall Street.

Instead clever by half, he hit on the chewing down the debt, to sell the thunder of the reactionary Republicans, with an eye of bringing back to his camp the ‘independent’ voters who brought the plague of the Tea Party to Washington. This strategy spelt Obama’s embracing Republican logic and strategy, and, as such, he caved in, signing a deal which cut but did not raise revenue. In consequence, as a reward, the rating agency S&P downgraded America’s debt that will reverberate in the world markets and in the purses of the poor consumer, employed or not.

The only class untouched, despite the dip in stock portfolios, is the one percent of America’s corporate elite and hanger-on s who own as much as 150 million Americans in wealth.

Faced with his own lack of vision, and having surrounded himself and identified with Wall Street who broke America’s might in the market, how can Obama break out of his mould and steal the thunder from the Republicans and hook up again to the legacy of FDR and LBJ, other than vacuous pretty speeches without a wallop?

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