The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

Saving Banks Won’t Create Jobs

Sep 17, 2012

Flash! Unemployment has been discovered by Ben Bernanke and the Federal Reserve!

Yes, and now, they say, something will be done!

What will be done? Why, the same thing the Fed has been doing since 2008. Banks holding mortgage securities will be bailed out again, every month. They call it “QE3."

How will this create jobs? Well, it won’t. Just as QE1 and QE2 didn’t create jobs. Very much the opposite.

Four years ago, at the beginning of the massive bank bailout programs, 25% of U.S. adults called themselves lower class, not “middle” or “upper.” Today, 32% say they are lower.

On the other end, the Census Bureau released figures showing that the income for the wealthiest 20% grew over last year, rising 1.6%.

That is the stark result of the “QE” policies of the past. The richest have stuffed more in their pockets, while everyone else has declined.

This new program only means “more of the same”–in every way.