When we think about the economy, most of us are in a ball of confusion. A “Ball of Confusion” isn’t just a great song back during the days of R & B, Rhythm and Blues. A ball of confusion means that things are happening all around us that continues to confuse us and, therefore, they destabilize us. Because, when you’re confused you can’t move. You are psychologically a deer caught in headlights. Let’s think about the economy right now. We’re entering the ‘Age of Tariffs,’ which is almost unprecedented in American modern history. We have just heard a spokesman for the IMF, the International Monetary Fund. These are cats who are the masters of capital, capitalist accumulation, or in other words, getting and keeping money, and they said that the downfall in economic activity in the United States is approaching rates equitable to 1932.
When I heard those words, a chill went through my bones, because 1932 is the Era of the Great Depression. You’ll hear on every channel, with the possible exception of Fox or Newsmax, an economist say that we are approaching a recession. A recession only means two quarters of downward activity in economics. That means several months, six months or more. But no one dares use the ‘D’ word, and I ain’t talking about democracy. The ‘D’ word is depression. It is one of the most feared words in the English language, but the IMF just went there. They didn’t just come up with a number and say 1932. They were speaking in economic language to economists and historians and analysts, that this economy is approaching a depression, and that should concern everybody in this country.
It is true that the vast majority of economic activity in America is customer generated. That means that when people go out and buy, they are the engines of the American economy. And that’s why the American economy is so robust. But if that’s true, the obverse is true as well. When there is a lack of that kind of economic activity, then recessions and, yes, depression, is in the future. It is nothing to celebrate, but it is something to think about and consider very seriously. With love, not fear, this is Mumia Abu-Jamal.
These commentaries are recorded by Prison Radio.
