Translated "Avante!"article by Luís Carapinha, Member of the International Department
What is the [real] state of the USA’s economy? The question is not to be ignored, regarding the North-American, on the eve of the presidential elections, in November 8th. The same goes for the whole world, and for the worst of reasons; the USA are the central engine of the world capitalist system and the centre of the international financial architecture ( imperialist globalization), carrying upon all the well known perversity degree – incidentally, the fuse of the great world recession 2007/ 2008, was the building bubble explosion ( sub-prime mortgagor credit bonds) within the USA. All the growing social and political turbulence, observed in the USA, refers to the aggravation of its economic condition, along with the contradictions and intrinsic unbalances’ exponential. A typical advanced stagnation picture, the economists and the worldwide dominant media commentators’ cartel, in its essential, insists in not perceiving, pointing out thick lens concerning superficial indicators and the accessory analysis that confirm Uncle Sam’s economy strength (recovery). But the decay circus of the current electoral campaign, between Clinton and Trump, lowering all limits of deceit, sordid and frivolity of the USA traditional political-show, and that involuntary, is confirmed.
In fact, since World War II, the GDP growth was as crawling, as currently, confirming a trajectory of decades of economic decline, regarding this imperialist super-power. Its astronomic debt carries on in an unsustainable progression. The USA are , so far, the greatest debtor country in the world. Washington’s annual trade balance medium deficit in the last years, overcomes the economic dimension of many the countries that integrate the G20. And if labour productivity continues disturbingly degrading, public investment dropped unto the lowest levels since the end of the 40’s. Regarding the social plan, inequalities reach unbearable levels and poverty remains above 2008 numbers. The official unemployment rate (round 5%) reflects much more precariousness influence and statistical manipulation, via the unemployed army elimination, giving up seeking for jobs, instead of its recuperation. It is more and more evident the chock between the USA great capital interests and finance, of the power system based on the financial-military- industrial complex, and the workers and the people of North-America desires and rights and the demands of the sustainable economic development.
At the same time, the USA economic degrading is associated with the capitalism structural crisis deepening, well in evidence in the synchronic breakage, that attains the imperialist Triad powers. The economic importance of G7 countries carries on lowering, currently holding but 50% of the world GDP. In general, the corporation profits, within the productive sphere, carry on being restrained, investment in critically low levels, public debt (mainly private) grows at stratospherically levels, and banking is saturated with toxic bonds. World trade is decelerating at high speed. Before the threat of a new and higher peak of the structural imperialist crisis’ aggressiveness and plunder, but also the frenetic of inter – imperialist disputes: the greatest German bank is pointed out by the IMF as the greatest systemic risk for the world banking and presented with a super-fine by the USA. Alias, the last data prove that the USA bank colossus carry on a to gain ground regarding their European peers.
In history, none of this is fundamentally new, except for, and who knows, imperialist stagnation qualitative grade. The run beyond of financing touches its limits. Amid the crisis labyrinth, many are the dangers for humanity. But one ought never loose perspectives. Lenine insisted, 100 years ago: imperialism [apogee], is socialism’s eve.