Thursday, June 20, 2013

we are all Brazil

The Brazilians are rioting in the streets due mainly to the gross inequality of economic opportunity and the government's indifference to same.  The World Cup soccer matches will cost the country in the neighborhood of $13 billion.  Meanwhile the authorities in Rio and Sao Paulo increased transit fares on public busses.  Transportation alone costs the poorest Brazilians up to 25% of their income.  The mayors of the cities backed down in the face of riots, but the ultimate goal of the protestors--free public transportation is still pie in the sky.  Meanwhile, the inequality continues to accelerate in the US.  Student debt is over a trillion dollars and many who do manage to graduate find themselves working dead end jobs if they can find work at all.  The stock market remains high and corporate profits are rising.  The Occupy movement was a warning shot by the 99%.  It was very polite and seems to have subsided without generating any lasting effects.  However, the underlying economic disparities and the hopelessness felt by many 20 and 30 somethings will translate into Brazilian style protests at some point.  The feckless republicans in congress are exacerbating the situation with their relentless culture wars.  As Bill Clinton once observed, "It's the economy, stupid".  Our leaders ignore that at their and our nation's peril.

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