REPUBLICANS IN USA AND INDIA’S TALL CLAIMS

Two nations, two democracies, one largest, one greatest, India and America respectively.

 

America, the greatest one is developed No.1 in the world though on the down swing and the presence of competing nations to wrest the number one position its main headache. China till a month before said to be the third economy in the world has overtaken Japan, another Asian country and China’s neighbour, relegating it to the third position. India it is said an emerging economy. Making claims right or not, remain anybody’s right.

 

US fell into a ditch – the fact swept under the carpet for short period from the eyes of the world and with the 2008 global meltdown bared the truth, the stark truth, ugly truth, shocking truth not only to a section of Americans but to the entire world. Republican rule under George W Bush, its economic mantra of free-market, neo-liberal policies and consequently all hell broke loosen and castle of tall claims collapsed like a pack of cards and the bubble bursting ultimately. Grand Old Party’s (GOP) unregulated economic policies pushed the American economy into the abyss and the then esteemed President in the ensuing election bowed out of office after 8 years of misrule, happy and contented along with his coterie. Fed Bank head Alan Greenspan, the introducer of free-market economy too joined his master.

 

Repeated and repeated, several times to be frank, I feel kind of revulsion on writing this once more. The question is naturally bound to arise from certain quarters. I know that. So be it.

 

Mantle fell upon the Democratic party President and naturally the burden of lifting the economy fell upon his shoulders. The man and his team of economic experts like Ben Bernanke, Timothy Geithner, Lawrence Summers, collectively took a decision to lift it from the abyss, they knew it a tedious task – unveiled a stimulus package to the tune of US $ 879 bn and pumped into the system. The amount comparatively not a big sum paved the way for a partial recovery.

 

But no. For the man who was confident of providing a fresh face to the economy by regulating the economy hither to on a free run, had to face and still faces hurdles in the form of stiff opposition of the Republican stalwarts whenever he mulls steps to alleviate the overall sufferings of the citizens.

 

In the case of healthcare reforms that would enable 32 million citizens enjoy the benefits, unemployment insurance, financial reforms, taxing the rich - in almost every field, Republicans appeared villains, still playing villains.

 

They are against the raising of taxes from the affluent sections of the society, affirmating that it will ultimately increase the deficit and the same Republicans go hammer and tong against taxing the affluent sections. According to noted economist and Nobel laureate, charging 2% taxes from the affluent sections would come around $ 700 bn which would enable those at the lower strata and middle income group a breathing space. Ballooning deficits are nightmares to the Republicans and they are favouring reducing the taxes to the rich and that is the most funny part. On the question of their opposition to reducing the greenhouse gas emissions, President’s and his party’s intention of introducing carbon taxes are also anathema to the GOP. It is a public secret that industrial lobbies work overtime to throttle the plan of introducing carbon taxes by the govt. Their greed for profit is that much notorious that these lobbies care not for the General X, who are set to be the ultimate losers. By funding Republican Party coffers, they calculate, they can ultimately thwart the carbon-taxing reforms.

 

Hurdles abound, President Barack Obama treads cautiously and all his good intentions are berated and opposed by the opposition.

 

Economist and Nobel laureate, Paul Krugman however taking to account the all-out efforts of Republicans to scuttle Democratic party government’s good intentions paints a dark picture ahead for US pointing out lack of funds for bettering transportation facilities resulting in unlit, unpaved roads and the streetlights being switched off, lack of better schooling facilities, and teachers being laid off.

 

The largest economy ie. India, though claimed to be a regulated economy even if possible and easy, has gone to the extent of exempting taxes to the tune of more than 5 lakh crores to the industrial barons at a moment, the food security of 800 million poor citizens starve and perish across the nation. And the food items amounting to lakhs of metric tons of food items are rotting in the godowns which if properly kept safely would in a greater way benefit the starving millions. Corruption on a massive scale has already eaten into the vitals of our nation and the one being unfolded in the name of Common Wealth Games supposed to commence from Oct 3, 2010 less than two months from now. The regulated economy ironically is alleged to be a part of the scam and many other scams. What explanations, what justifications left for these kinds of deplorable tendencies. Even those responsible at the helm are still not willing to sack the head of a mammoth sporting extravaganza allegedly involved in the ‘game’. Cheer up friends. We are products of a regulated economy with no opposition worth the name and stamina to take up the issue with all seriousness and force the govt to throw out those corrupt elements.