Biden Admin Waging ‘Class War’ Against Working Americans

According to US economist and former Wall Street analyst Prof. Michael Hudson, the Biden administration is waging a ‘class war’ against working Americans. He argues that Biden’s economic policies have only served to further enrich financial elites.

US President Joe Biden’s economic policies have further enriched financial elites at the expense of working class Americans, Prof. Michael Hudson, US economist and former Wall Street analyst, told Sputnik’s New Rules podcast.

Biden struck a debt ceiling deal with House Speaker Kevin McCarthy with a great deal of fanfare late last month following Treasury Secretary Janet Yellen’s apocalyptic prognoses with regard to a US “imminent” default. According to Hudson, however, these dramatic warnings were meant to obfuscate the Biden administration’s real objectives.

“There was never any debt crisis at all,” Hudson told Sputnik. “The government could have simply continued to pay its bills for projects that Congress had already approved, there is no way that the government was going to default on its Treasury debt because, after all, the Treasury debt is held by the wealthiest 10% and the government is not going to do anything that hurts the 10% and benefits the 90%.”

Bipartisan Consensus on Wealth Transfer From the 90% to 10%

What really happened, as per economist, was a bipartisan agreement on a further redistribution of wealth from the 90% to the 10%. However, the Democrats could not just go for it as they have always positioned themselves as a pro-labor and pro-economic justice party. Hence, there had been a month-long “good guy-vs-bad guy wrestling match” between the president and the GOP, according to Hudson. Eventually, Biden “reluctantly” agreed on cuts to social programs, cancellation of support to the poor.

One should bear in mind that Joe Biden is from Delaware – a “state where most corporations in America have their head offices because the Delaware rules are so pro-corporate and anti-labor that corporations want to be there.”

“It’s all just a made up,” Hudson continued. “When they talk about cutting back the government debt, what they mean is cutting back social services. They would like to do what Biden and [Barack] Obama wanted to do after 2009. They want to cut back Social Security. They want to privatize it as if that will somehow solve the problem. They want to cut back medical care. They want to cut back most social programs, so that the money that the government does spend will be exclusively to support the financial sector, the military sector, the insurance sector, and the real estate sector.”

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