The changing face of American society

The passing of the $787-billion US stimulus package not only marks the first major victory of US President Barack Obama on Capitol Hill, but gives renewed hope to Americans and the rest of the world. Filipino war veterans were especially relieved that the long-drawn out battle for the recognition of their services during the Second World War and the corresponding benefits due them seems to be finally over. Included in the stimulus bill is a provision granting a one-time pension payment of $15,000 to war veterans who have become American citizens and $9,000 for non-citizens.

From the almost 500,000 Filipinos who served in the US military, that number has dwindled to 16,000 men now in their ’80s and ’90s. Filipinos were called to the service of the US military by President Franklin D. Roosevelt during World War II, but in 1946 during the presidency of Harry Truman, the US government signed the Rescission Act which did not recognize the service of Filipinos in the US military and hence, were not eligible for benefits accorded to other war veterans.

The inclusion of the $198-million veteran compensation in the stimulus package came under fire, with critics saying the lump sum payments to “aging Filipino Veterans of World War II” will not do much in pump-priming the US economy and thus did not have any business being included in the bill. But those who have been supportive of the veterans’ plight insist the US must do the honorable thing now and restore the dignity of the remaining veterans who are now in the last days of their lives.

If anything, Obama’s determination to have the stimulus package signed highlights the fact that American society is indeed fast changing. The election of Barack Obama epitomizes the victory of the average American over the big shots who have been lording it over for several centuries. Even the way the campaign was conducted is reflective of the changing times in America, with the collective contributions of ordinary Americans – averaging a few dollars – to Obama’s campaign kitty dwarfing the thousands poured in by big business and lobbyists to John McCain’s war chest.

The fact of the matter is, the arrogance and pride displayed by establishment titans all these years is on a decline. Last week, top Wall Street executives squirmed in their seats as they went through a Congressional grilling and a public scolding on how their use of the $176-billion bailout money has not improved the US economy. While the Wall Street CEOs displayed a contrite tone, it did little to douse the burning outrage felt by the American public.

Several decades ago, it would have been unthinkable for a black man to confront, much less reprimand, a white big-shot businessman. But just how much the face of American society has changed can be seen at the way Gregory Meeks – a Harlem-born, African-American Democratic Representative from New York – scolded business giants and icons of an erstwhile invincible capitalist society and demanded a public apology from them. US congressmen were obviously angry at the temerity of the CEOs to come with a begging bowl asking for alms when they were the ones who were responsible for the crisis in the first place. As it is, many feel that it is totally unfair for the average American to pay for the mistakes these CEOs have made which has caused the US economic meltdown. After all, while the ordinary American was trying to make ends meet and stretching every dollar to pay for mortgage, food and medicine, these top executives were virtually swimming in cash with their fat salaries and even more outrageous bonuses and millions of dollars in retirement packages. And come to think of it, all those who fouled up the economy were whites.

As some analysts are pointing pout, Obama’s ascension to the White House is indicative of the rise of the “black bourgeoisie” into the heart of American society. Some reports claim that since the late 1960s, the black middle class has grown to 37 percent, and the percentage of those earning more than $107,000 a year have expanded from three percent to 17 percent. (But then again, it is said that the only permanent thing in this world is change. Even in the Philippines, there seems to be an underlying sense of “change” – with the erstwhile European and Spanish rich and elite being slowly overtaken by the Chinese.)

In any case, the stimulus package augurs transformation in America in almost all aspects – from the way people think, the way they spend and certainly, even the way they live. There’s no doubt the United States is facing one of the greatest crisis ever in its history, a period that many believe could be worse than the Great Depression in the ’30s. Interestingly, the stimulus package has restrictive provisions on bonuses and other compensations for executives and top level employees in companies that will be receiving hundreds of millions of dollars in aid.

It wouldn’t be surprising if the Obama administration may even turn out to be stricter than the Chinese government in regulating US financial institutions because if anything, one of the painful lessons of this financial mess is the fact that too much of anything – including free market and trade – can be harmful. After all is said and done, the bottom line is that too much freedom is not always good – and Filipinos in this country will do well to always keep that thought in mind.

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Still on the topic of finance, Filipino-Chinese General Chamber of Commerce director Roger Lim says they have invited Finance Secretary Gary Teves to be the guest speaker in their monthly business meeting at the Diamond Hotel on the 25th. Roger says they’re hoping Teves – acknow-ledged as Asia’s Best Finance Minister – will be able to bring back the faith of taxpayers in the institution and give hope to Filipinos despite the turbulence created by the global financial crisis.

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