While the political rhetoric spews and folks decide their religion, some of us are looking at the policy beneath. People, it ain't pretty. It appears we have more of the talkin' the talk instead of walkin' the walk rhetoric and the keyword change is now redefined to mean status quo

Obama's Economic Advisers

• Austan Goolsbee: U. of Chicago neoclassicist and “single payer universal health care critic claiming "it doesn't follow free market principles"
• David Cutler: Harvard economist who believes that high health costs are good for the economy
• Jeffrey Liebman: another Harvard economist and former Clinton adviser who favors privatizing social security

From Real Clear Poliitics

Goolsbee, however, says globalization is responsible for "a small fraction" of today's income disparities. He says "60 to 70 percent of the economy faces virtually no international competition." America's 18.5 million government employees have little to fear from free trade; neither do auto mechanics, dentists and many others

So is that to imply that 40% to 30% Americans being negatively affected by globalization is ok? and yes we are offshore outsourcing state and government jobs. Remember Alan Blinder projects that 40M US jobs are vulnerable to global labor arbitrage (offshore outsourcing). I'll assume wage stagnation is being ignored as well in this above quote.

The Nation's article Subprime Obama points out:

While talking heads pile on the cable shows, blogs and discuss identity politics, what about policy?

Only Romney is mentioning outsourcing and his solutions are part of the problem. He also vetoed a MA amendment to stop state jobs from being outsourced. You know the idea that money recycled into local economies stimulates that economy? Not when it comes to real jobs it seems. Although at least he is aware of it, and seemingly the other major candidates, both parties are ignoring the global labor arbitrage agenda and what it is doing to the United States middle class.

Job losses jump in largest 1 week increase since Hurricane Katrina.

While mainstream pundits and economists are now realizing the precipitous cliff of sand the United States teeters on, few will mention bad trade policy being one of the causes.

Newsweek's cover story, The Road to Recession we are starting to see mainstream economic pundits realize the U.S. is in much more serious trouble as implied by this foreboding Newsweek article title U.S. Economy at the Guillotine

The Great Global Market Freak-Out of 2008 has everyone asking whether the United States—already on the road to recession—is entering into a protracted period of economic trouble where jobs will be slashed, prices will continue to rise and the dollar will keep falling; and if so, whether the declining U.S. economy will pull the rest of the world down with it

Today we have a new economic stimulus plan revealed.

The $150 Billion dollar package consists of:

• $300 to $1200 dollar one time June tax rebate - for anyone who earned at least $3000.00 in W2 type wages. Nothing mentioned about temporary 1099-misc. workers or small business owners who are hit the hardest often in a recession and cannot collect unemployment insurance
• Allows Fannie Mae/Fannie Mac to buy out up to $626,000 dollar mortgages temporarily up for $416,000
• Large businesses can take a 50% additional tax exemption on new capital expenditures

The US stock market is closed today but will tomorrow bring about a true global collapse?

Stocks plunge world wide and Dow Jones futures are already down 550 pts at 1:30 EST.

The US dollar has been in a long slide.

Now bond market insurers, $2.5 trillion in the municipal-bond market, are also looking at massive write offs and downgrades.