I am concerned that there is a populist backlash building up in this country which will destroy everything in its path including Obama.

You’re concerned? I’m looking forward to it!

This is how I see it: Remember in horror movies, just when you thought the killer is dead and the movie is over, the killer makes one last (and futile) grab ending in the hero dealing the fatal blow. Well, just when you thought all forms of collectivism(communism, unionisation, trade barriers, socialism, populism etc) are discredited, they’re coming back for one last futile grab. It will last another decade or two, accompanied by severe hardship for the middle class in developed countries (the poor will be finished and the rich will wall themselves off). Eventually, the hero (individualsm/free markets) will deal the final blow. Then the world will see a new begining that will bring back prosperity for a very long time.

M. Nam

Yes for green card holders, no for naturalized citizens. In addition, for maintaining resident status, those with green cards have to be careful about duration and frequency of overseas travels.

Also where are the benefits of outsourcing/offshoring to the American consumer or worker? Maybe somebody more enlightened can explain on how the American worker or the consumer has benefitted from outsourcing/offhsoring.

Before the crisis the middle class may have broken even through lower prices (at, eg. Wal-Mart) due to the fact that it was people in China and Bangladesh and Mexico and… manufacturing their goods rather than people in the American South. This may have made up for the lack of increases in their wages, leading to stagnation in middle class wages (rumour has it). And also there were the imaginary sums that were being accumulated in their monthly IRA statements which have now evaporated. The working class and the poor probably lost money, if they were not jailed, made homeless, or otherwise screwed.

However, everyone did gain the satisfaction of seeing already rich people get trillions more in money while the social safety net and the right to unionize was destroyed, which I’m sure must have people feeling really happy right now. Things like this post are, I’m sure, helping matters.

unless you were born in the US, when the economy goes south or your company starts downsizing we all have to come face ot face with the fence. what do you mean? those with greencards or naturalized are in the same boat as those with birthright citizenship (though i think greencard holders don’t get some welfare benefits).

They also face deportations and mandatory immigration detention if they are convicted of a whole swathe of crimes. Things like tax fraud, posesssion of enough drugs, etc. If the allegedly liberal immigration bill had passed a few years ago, drunk driving would also have become a deportable offense for green card holders. I’m not sure, but they may technically be required to report changes of address to immigration within ten days, like people in lower immigration categories.

Yuck.

Well, between the two parties governing and all the conflict of interest between Congressman, Senators, Big Business, the administration, etc. it’s really mocking the taxpayer. I don’t know what the future holds, but those sitting in the power positions are taking people for granted and pushing people hard. I liked what Umair Haque had to say about this:

The New Cold War is a battle between economic democracy and economic feudalism. In a democracy, you pay taxes, and elected administrators allocate those financial resources for the common good. In feudalism, taxes are appropriated from you, and allocated by private hands that the public cannot influence, for the private good. In Feudalism 2.0, hedge fund managers are essentially lords to whom people are vassals. You have the right to benefit from your financial assets — but fund managers are who determine their value. In the Geithnerconomy, the salaryman is the new slumdog.

And this is coming from a strong supporter of Barack Obama.

As a young brown American, I couldn’t be more deeply or powerfully inspired by the “defining moment” of an Obama presidency. Yet, the seeds of a new challenge have been planted by that victory: for us to harness the lessons of his quiet revolution – our quiet revolution – to seed many, many more.