AMERICA QUO VADIS?
Before World War II Roosevelt's New Deal put Americans to work and established Social Security. After World War II the American economy was substantially a 90% production economy. The world was devastated and America's enormous production capacity produced corporate profits, wealth and social benefits to people. New York replaced London as the world's financial center. Today America is a 70% service – 14% production – 16% agriculture economy.1 The service sector now employs 90% of the workforce. When politicians say they can produce jobs they are saying that they will print money to produce jobs in the service sector which uses a large part of its wages to purchase foreign production and thereby increases the national debt. To sustain its overpaid workforce and maintain payments and social benefits to people America took on debt in a now globalized economy. Today 40% of America's debt is financed by foreign investors. While Americans insist on keeping their jobs and accustomed high wage and social benefits, their demand for production can only be supplied by foreign production. As the grip of globalization tightens 2, the national debt increases to finance corporate profits and social benefits. As jobs and credit sources shift overseas more Americans find themselves out of work and all Americans now sense that the political system no longer works for them. Of course, that system is coopted by capital which needs globalization for profits secured by military hegemony overseas.
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