American business has eliminated untold numbers of other middle class jobs. That's why the employment and housing markets are struggling, food stamp use is at an all-time high and the ranks of the working poor are swelling, while corporate profits soar.
The promise was displayed prominently at the top of the "economy" section of Obama's campaign website. However, the language regarding the windfall profits tax vanished in an unceremonious and abrupt manner.
Wanting a better life for one's self and one's significant others is the strength behind capitalism. The quick-buck-and-the-heck-with-the-consequences attitude that became so vogue in the dot.com era was not and is not typical. For most of the history of capitalism 'built to last' was the norm.
What we need to do instead is embark on a massive investment program -- as we did, virtually by accident, 80 years ago -- that will increase our productivity for years to come, and will also increase employment now.
One solution being proposed by some of our Congressional leaders is a rehash of an old experiment: a repatriation tax holiday that would temporarily allow U.S.-based companies to bring home profits they currently hold overseas.
Give Rick Perry credit for his honesty. He just articulated out loud what is the accepted dogma of the modern Tea Party-owned Republican party, completely dedicated to protecting the wealthy and corporations on the backs of the (rapidly shrinking) middle class.
Make no mistake: as the public becomes better informed on the causes of the current employment malaise, they will seek out leaders who can correct the imbalance between growing corporate profits and declining payrolls.
When banks and other financial institutions can borrow unlimited amounts from Ben Bernake and the Federal Reserve, while paying almost zero interest, they have no business charging consumers over 15% on the money we borrow.