Tag Archives: fiscal crisis

From Bush to Obama – America’s Fiscal Collapse

By Michel Chossudovsky
Global Research

The following is an excerpt from a chapter by Michel Chossudovsky in Global Research’s new book entitled: “The Global Economic Crisis: The Great Depression of the XXI Century.” Michel Chossudovsky and Andrew Gavin Marshall, editors, Global Research, Montreal, 2010

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The Global Economic Crisis

What has been implemented under Obama is strong economic medicine with a “human face”. “Promise amid peril”. The stated priorities of the Obama economic package are health, education, renewable energy, investment in infrastructure and transporta­tion. “Quality education” is at the forefront. Obama has also promised to “make health care more affordable and accessible” for every American.

At first sight, the budget proposal had all the appearances of an expansionary program, a demand-oriented “Second New Deal” geared towards creating employment, rebuilding shattered social programs and reviving the real economy. The realities are otherwise.

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