During the regimes of three most famous presidents of the United States America, that is the Jimmy Carter, Ronald Reagan and George Bush, the people of the United States of America suffered major economic pain caused by the so called Carter-Reagan-Bush bipartisan agreement that made the government and the three presidents to benefit from the major oil corporation at the expense of the people of the United State of America (Libcom.org, 2010). To make the matters worse, these major oil companies entered an agreement with the poorer states .
The agreements were exploitative as it was evident from figures from the U.S department of commerce. The poorer countries most of which are the major exporters of oil were exploited by these big American corporations which made massive profits. Those corporations in Europe made up to a tune of $ 5.5 billions in profits out of the net invested of just $ 8.1 million while those in Latin America had invested $3.8 billion and made staggering profits of $ 11.2 billions just like those in Africa which also made super normal profits out of their investment in the oil industry.
According to Marlowe (2005), unfortunately for the citizens of the United America of America, these profits made by the corporations belonging to their country did not benefit them at all. All took place during Carter’s administration whereby he had a very sophisticated foreign policy that saw certain fundamentals companies operated with American corporations including major banks earning profits outside the United States. All these mega profits were made by the men in power in three consecutive regimes. This was due to their being the major shareholders in these state owned corporations.
When Second regime (Reagan’s) came into power on the basis that the Carter’s administration had failed to rescue the people of the United States from the economic distress that had brought the country’s taxpayers to their knees nothing changed very much. The “economy” which was a short hand for corporate profits dominated the concern of the workers and the consumers. The major concern of the people was the corporate taxes that were below the minimum threshold. It was however increased in the late seventies resulting in to sharp increase (Zinn, 2008). The following are research articles explaining the political and economic injustice U.S people were exposed to; The American Political Tradition, Far Eastern Economic Review, Pentagon Papers, New York Times, Le Monde Diplomatique
According to historical and political analysts, the three presidents’ eras were characterized by disillusionment, for instance Jimmy Carter’s era which lasted for four years as U.S constitution demanded was between 1977 and 1980 and one of the hectic times of U.S people as they were drained into poor living standards though he made a lot of efforts through his Democratic party to maintain the government’s confidence by the people. Voices from abroad tried to comment on the citizens’ rights but failed to make the government to have a second thought on the issue (Allen, 2000). Its was during this era when the U.S faced the “America political injustices” like corporate power and resources protection like oil corporations which only benefit the few who were in government. Resources were not only lost through such black markets but also using the same oil from these oil corporations to maintain heavy military machines which were too expensive to maintain through fueling and other requirements.
Carter’s administration was really seen to be a business rather than governance; he used the huge budget to fund the military since this was the only way to protect his political standings. He was even quoted during his campaign saying that he was to reduce the burden on the government by the military, but later under twisted circumstances his first budget increased its budget by $10 billion, this was another pressure on the state resources.
As stated early, consumers were exposed to a lot of mischief when Federal Energy Administration found out that Carter’s administration in collusion with Gulf Oil Corporation overstated its costs by a huge sum of $79.1 million on its costs for crude oil from foreign parties in transaction. The false burden sum was then passed to consumers who innocently had to compensate. When this was on the public domain, Carter’s administration was put on spot light and had to intervene by making a statement about the “compromise” with Gulf Oil Corporation that it was going to return a total of $42.2 million. Despite all this, Gulf reacted to its stockholders that the amount could not have any impact on its investment since the prior years’ earning were enough to balance for the payback. This exposed the rot on Carter’s exploitation on the citizens. This compromise was made between Energy Department and the Gulf who arrogantly could not consider the voices of poor citizens (Zinn, 2007).
This administration started its irresponsibility when Carter made a statement during a meeting with lawyer that “the law was on the side of rich” this is enough to show that the welfare of the poor who happened to a majority was compromised.
The three subsequent governments and the President together with their families acquired resources through unclear oil sagas and according to Andrew Zimbalist, who was an economist; 1% of the nation (mostly within the government) owned 33% of states’ riches.
Reagan’s succession from Carter was not a big change to U.S. people who saw it a foul of extension of the four years to a total of eight. The same ignorance on the poor could not be avoided by this administration, infact, according to News poll that was conducted late in the year.
The opinion polls of 1992 which was conducted to determine on the welfare of the people showed that the 13 percent of the citizen claimed that too much was being spent on the welfare of the will. A figure that is low compared to 64 percent that claimed that the welfare of the people of the USA was way below the expected figures. The welfare of the people of United States had become a contentious issue as people were complaining of being very poor (Zinn, 2008) .The two regimes that had come after the Carter administration had not change anything but continued the retrogressive policy of the past governments. The greatest beneficiaries of the Reagan and Bush presidencies were the superrich.
This was evident in the eighties when the rich ascended to power and the subsequent glorification of capitalism, free market and finance the assistance to the poor hit a very low percentage. It was clear that the word “welfare” was ironically used by both Democrats and the Republicans. Intimidation was also common culture Reagan which went as far as closing one commercial radio which aired critics (Libcom.org, 2010). Federal Communications Commission took part by canceling air times having contracting views therefore, citizen were denied their freedom of expression. This led to rising of organized groups which campaigned against military, HIV/AIDS, and also campaigning for environmental education. It was also during this time when U.S continued supporting and funding organizations and regimes in the world that engaged inhuman acts such as man torture, genocides, assassination amongst other illegal practices, all the funding coming from embezzled public fund through “OIL SAGAS”
Another fact which proved that the U.S government was not for assisting the poor is that the taxes on the wealthiest was lower with the increase on taxation to the poor and to the surprise the Congress did not assist the poor but they also joined the issue of lowering tax on the rich. By the time Reagan’s term ended it was noted that the gap between the poor and the few wealthier had widen with a sign of widening over and over (Zinn, 2008).
The biggest losers by the end of decade which ended in 1990 were mainly the blacks, women, Hispanics and the young whose social welfare worsen. The biggest losers in the Reagan-Bush terms were the black who through racial discrimination were sanctioned and as result African-American were brought below the poverty level and their life expectancy drop by 10 years compared to the white’s (Allen, 2000).
In conclusion, it can be argued that the people of U.S went through an economic trying period that saw them loose their hard earned savings and other capital investments due the retrogressive governments which favored only the rich.