Bush set the tone when he and Vice President-select Dick Cheney commented on how they would combat a recession. A whopping increase in tax relief for the wealthy, more welfare for the military and cuts in social spending. His Council of Economic Advisors has challenged the gloom and doomers with the optimistic claim that there will be no recession now or in the near future. But in fact, the party is over. Buried in the business pages of the major daily newspapers is the realization by capitalist economic experts that a recession is already under way.
Bankruptcy looms over many businesses.
The intense competition to survive in the capitalist cycle of boom and bust will inevitably lead to a falling out among these imperialist bankers and corporate thieves at home and abroad. Their solution to the crisis will be plant closings and layoffs and many more hardships for the millionfold, multinational work force. But repression will breed resistance. The prospects for the growth of a class-wide movement that unites with other progressive forces to fight back are excellent. These forces include those struggling against imperialist tools like the World Trade Organization, International Monetary Fund and World Bank.