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The socialist bogeyman

Courtesy and Thanks: Wichaar.com
WASHINGTON DIARY: The socialist bogeyman

If the bailout package of the Bush administration, a last ditch effort to save American capitalism, does not succeed, then even the ruling class will start preaching European style social democracy in the US
Dr Manzur Ejaz, USA 
November 13th, 2008
If the bailout package of the Bush administration, a last ditch effort to save American capitalism, does not succeed, then even the ruling class will start preaching European style social democracy in the US

After the financial meltdown, and the massive intervention by the Bush administration through a bailout package of over a trillion dollars, there is a lot of noise about ‘socialism‘. Many call this bailout ‘socialism for the rich‘. Others smell a rat over the state’s overreaching moves in private markets.

Republican presidential nominee John McCain has attacked his opponent Barack Obama for being a socialist, because Obama plans to tax the rich for a more equitable distribution of wealth. In the US, therefore, socialism is mostly used as a bogeyman to attack opponents.

But has the American brand of extreme capitalism really come to an end, and is a new economic system, like that of the socialist welfare state, in the offing?

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