Saturday, September 17, 2005

Another Canary In The Coalmine

As two more America airlines moved towards bankrupty this last week, it was just another sign, or "canary in the coalmine", that America is on the wrong track.

There are now 4 of 7 American airlines in the bankruptcy system, and this is despite travel at levels nearly as high as pre9/11 levels.

In the 1960's, there were six American automobile manufacturers, GM, Ford, Chrysler, AMC, Studebaker and Checker. Today only GM and Ford remain as American owned, with Chrysler/AMC owned by the German company, Daimler.

There were many American textile businesses until a few years ago. Now virtually none remain, as most jobs have gone to China.

In the 1960's there were many American TV set manufacturers, including Zenith, RCA, GE, Philco-Ford, Magnavox , Quasar, Sylvania, Westinghouse and Admiral. Today, no American made televisions exist.

Nearly every American steel mill are currently within bankruptcy.

Banks in Japan, South Korea and China own billions in bonds that keep the American government from bankruptcy.

During the Bush years, 9/11, Hurricane Katrina and the Iraq War disaster are not the only problems that America has faced, there are building economic problems that are far from being resolved and are actually worsening as more and more jobs are outsourced to China or other low wage states. And more and more America industries are being picked apart by cheap imports, or by predatory capitalism from some foreign competitors or states.

America will find it difficult to pay for the Katrina disaster as more and more high wages jobs have left the country, and some industries that were once major employers are now padlocked shut. And unfair "free trade" treaties such as NAFTA, WTO and CAFTA continue to weaken America economically.

Every new American company that seeks bankruptcy protection, or padlocks it's doors is yet another "canary in the coalmine" that something is wrong in this country. And that our government is doing a very poor job defending our way of life in America. We're losing the economic war at home, and right at our own doorways.