James Petras: Chavez Versus Obama Facing Presidential Elections

Two incumbent presidents are running for re-election in 2012: Hugu Chavez in Venezuela, and Obama in the United States. What makes these two electoral contests significant, is that they represent contrasting responses to the global economic crises: Chavez, following his democratic socialist program, pursues policies promoting large-scale long-term public investment and spending directed at employment, social welfare, and economic growth: Obama, guided by his ideological commitment to corporate financial capitalism, pours billions into bailing out Wall Street speculators, focuses on reducing the public deficit, and slashes taxes, offering government subsidies to business, in the hope that the banks will lend, and the private sector will invest. Obama "hopes" the corporate sector will start to hire the unemployed, hoping for a "trickle down" effect. Chavez's economic recovery program is based on the public sector, the state, taking the lead in light of the capitalist market induced crises, and the failure of the private sector to invest. Obama's economic recovery and employment program depends wholly on the private sector, utilizing tax handouts to stimulate domestic investments which generate employment! If you are currently unemployed, which alternative would you like to see 'employed' in our United States?

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