In this blog, it is only very occasionally that I have attempted to comment or opine on economic issues.
Just because I blog extensively on religion and the ideology of faith and the innumerable idiocies of faith-inspired idealism, does not necessarily mean that I do not harbor concerns on the prevailing ideologies of economics and economic systems. It also happens to be my another chief area of fascination, concern and interest.
I have had exchanges with many people, through the last few years, via emails, discussions, small talk and break-room conversations on topics as wide ranging as
The major insight I derived from this exercise was to realize how little people seem to be knowing about economics and economic matters, especially in the field of macroeconomics. There is a lot of political color to economic issues and ideological slant that many of us fail to see thru it to the real substance of these issues. There is so much propaganda and self-serving advocacy of big interest groups (Wall Street, Big Finance, Big Pharma, Oil Industry, Corporate run Media) that real information and facts of economic subjects are really difficult to ferret out.
The need for being informed and enhancing one's economic literacy is very important and not surprisingly, reason and critical thinking needs to come to our rescue again.
Most of the political, social and economic events discussed in my emails and discussions recently have significant long-term impact on future generations and even the later part of our generations.
These events of Law and Order, crime, economic crisis, recession, conservative revivalism as in
are symptoms of on-going or imminent systemic crises.
The types of crises I notice simmering below the surface of the outward manifestations of public rage are:
In point no. 1 the process is subtle and hard to explain in simple terms.
But the signs of the problem in point 2 are visible in the form of initiatives to close down or cut funding to public institutions like
For many of those who continue to live in USA, these chickens will come home to roost in the next few years and if not resolved soon, will hurt our children's generations even more.
India may see more middle class prosperity, but is unlikely to be a paradise of peace or welfare that can be more reassuring to the coming generations.
One has to just hope that the coming generations will be smarter and more importantly, luckier than us.
To get to even this level of awareness (forget about the activism and the crusades) you have to 'waste' not just a few hours of email rejoinders but maybe 5 years or more of living, reading and reflection in the US or other developed societies.
We have to fight these battles and the war on our hopes and prospects for a better future and a responsible society/state, on our own and collectively. There is no God or magic or positive energy/vibrations that is going to do this work for us
There is so much deception around us and we don't seem to having any idea of the political trends that are threatening to hijack our future.
Whether Indian Americans (IA) are well-informed in economics or not, they are not immune from the influence of entitlement or privilege mentality. Because they consider themselves highly skilled and learned, they are bound to have their pet peeves. However the typical Indian American stand on 'meritocracy' (or the tendency to take sole or substantial credit for one's merit and privileged status) is not really very exclusive. That seems to be typical ideological weapon or shield of successful classes (Top 10% of economic/income hierarchy)
This craving for keeping knowledge and skills exclusive and elitist is also not something privy to Indian Americans alone. Maybe IA's frame it and argue it differently from others.
In my interactions with IA/PIO's, I got some shockers in terms of their attitudes towards the less advantaged classes (or better still, the shafted or exploited classes in USA):
Just because I blog extensively on religion and the ideology of faith and the innumerable idiocies of faith-inspired idealism, does not necessarily mean that I do not harbor concerns on the prevailing ideologies of economics and economic systems. It also happens to be my another chief area of fascination, concern and interest.
I have had exchanges with many people, through the last few years, via emails, discussions, small talk and break-room conversations on topics as wide ranging as
- Recession
- Economic crises (unemployment, slow growth,lay-offs)
- Inequality of Wealth and Income
- Class struggle and strife
- Calls for downsizing of Govt., public sector and demands for more deregulation
- Blaming of Socialism for all economic problems
The major insight I derived from this exercise was to realize how little people seem to be knowing about economics and economic matters, especially in the field of macroeconomics. There is a lot of political color to economic issues and ideological slant that many of us fail to see thru it to the real substance of these issues. There is so much propaganda and self-serving advocacy of big interest groups (Wall Street, Big Finance, Big Pharma, Oil Industry, Corporate run Media) that real information and facts of economic subjects are really difficult to ferret out.
The need for being informed and enhancing one's economic literacy is very important and not surprisingly, reason and critical thinking needs to come to our rescue again.
Most of the political, social and economic events discussed in my emails and discussions recently have significant long-term impact on future generations and even the later part of our generations.
These events of Law and Order, crime, economic crisis, recession, conservative revivalism as in
- calls to reinstate cultural purity,
- rule of majority faith,
- hostility towards minorities,
- bashing of public institutions and
- privatization mania
are symptoms of on-going or imminent systemic crises.
The types of crises I notice simmering below the surface of the outward manifestations of public rage are:
- Breakdown of the process of participative democracy both in USA and India and its capture by elitist propaganda and conservative vested interests (Bankers, Wall Street, Big Corporate).
- A systematic effort and attack to weaken and undermine welfare system in the developed world (particulary USA, UK and Eurozone Europe)
- Rising inequality in both India and USA, with India following the flawed US capitalism of the past 30 years
In point no. 1 the process is subtle and hard to explain in simple terms.
But the signs of the problem in point 2 are visible in the form of initiatives to close down or cut funding to public institutions like
- Budget cuts for schools
- Closing down public parks and libraries
- Down-sizing the government and public institutions, without working to improve or reform governance ( Pls read this if you can: USPS to Cut Another 35,000 Jobs: Can the Post Office Be Saved? Should It Be?)
- Increasing the official age of retirement
- Cutting entitlements and coverages on Medicare and threats to alter the structure of Social security system
- Increasing taxes (payroll and Sales Taxes) that hurt the Middle class and poor far more than the rich and the corporates
- Making Healthcare costlier in the name of universal coverage
- Restricting insurance coverage to contraception under guise of allowing religious freedom
For many of those who continue to live in USA, these chickens will come home to roost in the next few years and if not resolved soon, will hurt our children's generations even more.
India may see more middle class prosperity, but is unlikely to be a paradise of peace or welfare that can be more reassuring to the coming generations.
One has to just hope that the coming generations will be smarter and more importantly, luckier than us.
To get to even this level of awareness (forget about the activism and the crusades) you have to 'waste' not just a few hours of email rejoinders but maybe 5 years or more of living, reading and reflection in the US or other developed societies.
We have to fight these battles and the war on our hopes and prospects for a better future and a responsible society/state, on our own and collectively. There is no God or magic or positive energy/vibrations that is going to do this work for us
There is so much deception around us and we don't seem to having any idea of the political trends that are threatening to hijack our future.
Whether Indian Americans (IA) are well-informed in economics or not, they are not immune from the influence of entitlement or privilege mentality. Because they consider themselves highly skilled and learned, they are bound to have their pet peeves. However the typical Indian American stand on 'meritocracy' (or the tendency to take sole or substantial credit for one's merit and privileged status) is not really very exclusive. That seems to be typical ideological weapon or shield of successful classes (Top 10% of economic/income hierarchy)
This craving for keeping knowledge and skills exclusive and elitist is also not something privy to Indian Americans alone. Maybe IA's frame it and argue it differently from others.
In my interactions with IA/PIO's, I got some shockers in terms of their attitudes towards the less advantaged classes (or better still, the shafted or exploited classes in USA):
- One type thinks that Food Stamps program in USA is parasitic and that many people opt to remain on Food Stamps, because they don't want to work and that many fudge and cheat on taxes to remain on Food Stamps.
- Another type is opposed to any reform or increase of the currently low minimum-wage limits, on the argument that it is not economically beneficial because of its inflationary impact. And that if it is raised even a little, it will lead to demands for more increases and this will be endless.
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