Written by Graeme Anfinson Thursday, 16 April 2009 07:06
Written by Socialist Appeal Thursday, 02 April 2009 06:13
The present crisis of U.S. capitalism is now spilling over into a fiscal crisis for state and local governments. American Big Business, through its control of the Democratic and Republican parties, has set up a system where money for war is funded through the coffers of the Federal government in Washington, DC, while education and many other public and social services are largely funded by the states, counties, cities and towns. In the past year, as the private sector has shed jobs, state and local governments have been creating them, which has slowed the growth of unemployment. Now, however, the economic crisis is leading state and local governments to cut back on workers.
This article makes note of General Motors facing bankruptcy, with Ford and Chrysler not far behind. GM is requesting a $25 billion bailout from the federal government, and in spite of this bailout, the automakers have announced severe cuts and additional plant closings. The only way forward is to nationalize the auto industry under democratic workers' control.
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