Cowley: passive tolerance of US debt mountain won't last
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by Stewart Cowley on Jan 05, 2012 at 12:14
The tone of American politics is changing. The emphasis is moving to fiscal inclusion – who should pay for the ‘mountain’ of public debt, and how.
President Obama has fired the opening shot in the US presidential race in an obscure town called Osawatomie, population 4, 447.
Osawatomie is redolent in symbolism as it was here that Teddy Roosevelt in 1910 laid out a vision for a 'New Nationalism'.
Roosevelt, a Republican, said at the time: 'Our country means nothing unless it means the triumph of a real democracy… of an economic system under which each man shall be guaranteed the opportunity to show the best that there is in him.'
Words like that would be enough to have him chased through the streets by the likes of Glen Beck as proof of a communist conspiracy these days. How times have changed.
But the language of American politics has changed radically. It’s important to get a grip on this because words will frame policies going forwards. If you look at the word-frequency of President Obama’s inauguration speech and compare it with the Osawatomie words using a so-called 'Word' map, you can see how the debate has shifted.
Although the two speeches have different functions and will necessarily use different language, it’s possible to see that sentiments about grand visions of 'America' and 'nation' have been replaced with more personalized and inward looking words; 'Americans', 'people'. The 'world' has shrunk into the background.
All potential presidents campaign on the basis of the economy and jobs. But whereas the forward looking inaugral speech contains references to the 'long crisis', now 'economy', 'workers' and inevitably 'jobs' are to the forefront.
Also whereas 'women' figured more prominently than 'men' in the inaugral speech there are now no gender specific references to speak of. Instead 'everybody’ and 'everyone' has crept in. Americans are now all in it together.
The other striking themes in the Osawatomie speech which show the state of the national mind is the emphasis on the 'middle', 'tax' and 'fair'.
Clearly, the long years of plenty whereby a disproportionate amount of wealth could go to a few people because what was left over was more than enough to placate the many, is being replaced by the idea that there is a finite pot to distribute.
This isn’t exactly a revelation (the 'Occupy' movement is a direct response) but it does show that it’s not a senitment that is going to be ignored on the streets or eventually Capital Hill. It may be a vehicle for politicians like Obama to travel in to make points about deficit reduction but the choice is a stark one: deal with the deficit reality or continue to spend.








1 comment so far. Why not have your say?
Henry Garman
Jan 05, 2012 at 16:42
Private debt, corporate debt and banking debt are far more out of line than government debt. Why don't you think outside the box? Debts that can't be paid won't be paid. You are right that tolerance of debt will not go on forever... connect the dots... tolerance of the system that creates the debt will not go on forever.... time to get rid of the FED. time to think outside the box. The government and the corporations and banks that control it are all one. Time for a new version of capitalism based on real, not fiat money.
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