Reference: Bernadette Ellorin, BAYAN USA, email: email@example.com
Fil-Ams condemn bi-partisan moves for austerity on the back of America’s poor
Filipino-Americans, under the banner of BAYAN USA, condemn the 11th hour moves in Washington to further bail-out the 1% at the expense of working Americans during a time of extreme economic depression and deepening impoverishment.
In order to survive the worst global economic crisis in history, US corporations used the spectre of $500 billion in tax hikes set to take place on January 1 to pull puppet strings in Washington towards implementing severe budget cuts on the US public sector in order to save the private sector. Washington even concocted a catchy term– the “fiscal cliff”– to justify these sudden cuts and to make permanent the regressive tax measures which further shift the overall tax burden to wage-earning Americans.
It is imperative to understand this push coming from Washington in the context of the global trend in advanced industrialized countries towards enacting harsh austerity measures on working people. The debt crisis accrued and felt in advanced industrialized countries such as the US and across Europe is the result of the failed neoliberal economic policy of monopoly capitalism. By adopting an economic policy that pushes liberalization, deregulation, and privatization in order to accumulate super-profits, turns super-profits into finance capital, and then concentrates this capital in the hands of a few corporate banks and financial firms, advanced capitalist countries such as the US are now afflicted with the very crisis imperialism chronically inflicts on underdeveloped countries abroad, through neoliberal policies in so-called “free trade agreements”.
Despite Washington’s enactment of the “fiscal cliff deal,” what’s most urgent is for Americans to take their cue from the recent waves of strikes and mass protests across Europe in response to austerity programs, as well as anti-imperialist, democratic, and revolutionary movements in underdeveloped countries such as the Philippines and other countries in Asia, Africa, and Latin America to break free from the chains of neoliberal trade policies that cripple their economies in order to serve and sustain the global financial oligarchy.