After watching Obama bow to other foreign leaders, one might think that Obama has no interest in patriotism. But he seems to suddenly have a need for it. Obama is now campaigning on helping the middle class via “a new economic patriotism.” Never have the words of Samuel Johnson found such undeniable confirmation: “Patriotism is the last refuge of the scoundrel.”
What is economic patriotism?
It is as good a term as any for fascism.
Fascism, remember, is the combination of corporate power with the power of the state. It is when Big Government and Big Business, after getting tired of flirting, go get a room, and invite in Big Media for extra excitement.
A company called SunPower got a $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth. Brightsource got a $1.6 billion loan guarantee and posted a string of net losses totaling $177 million… Amazingly, Obama has declared that all the projects received funding “based solely on their merits.” But as Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it’s not the president’s job “to make a lot of money for investors.” Well, he sure seems to have made a lot of (taxpayer) money for investors in his political machine.
While Obama may want to raise taxes a bit on the rich to appeal to envious voters, he does favors for his rich friends—and will do them even more favors if re-elected—that far outweigh any money that might be lost through taxes.
He can justify all this because the people hired by this government money will be portrayed as “new jobs.” The fact that the economy is really getting worse because of this sort of thing will be overlooked. None of the people who lose their jobs and can’t find jobs will be able to prove to the media that they would be better off if Obama would stop borrowing, taxing, and spending. Only the new jobs will be visible to the public.
The irony of all this is that Obama’s “economic patriotism” is the real “trickle down” economics. By empowering the state to give corporations advantages and protections from the realities of the market place, Obama is claiming that such power and wealth will trickle down from his crony friends to the middle class. But the only thing that will really trickle down from the government’s hand is poverty and dependence.