The Economic Truth in Two Minutes

Discussion in 'Economy' started by georgephillip, Jun 18, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    In this 2:38 minute video Robert Reich connects six dots to explain why the US Economy has fallen to its current level and why chances for recovery appear anemic, at best.

    Dot 1: Since 1980 the US Economy has doubled, but middle class wages have not.

    Dot 2: Virtually all economic gain since 1980 has gone to the richest 1% of Americans.
    From 9% of total income in 1979 to over 20% today.

    Dot 3: The rich have used this money to bribe Republicans AND Democrats to lower their tax rates.
    From 70% in the 1970s to today's rate of 35% with many of the very rich paying a 15% rate on their capital gains.
    The richest 400 Americans currently pay taxes at an average rate 17%, according to Reich.

    Dot 4: This has helped to produce massive budget deficits.
    Current tax revenues generate 15% of GDP.
    The lowest percentage in 60 years.
    The only solution provided by government is gutting social services

    Dot 5: Divide and conquer the US middle class.
    Pit union against non-union.
    Public worker against private.
    Natives v. evil immigrants.

    Dot 6: Destroy the purchasing power of the middle class thereby guaranteeing any recovery from Wall Street's Recession will be anemic, at best.

    The Truth About The Economy In 2 Minutes | Common Dreams

    The only way back to sustained prosperity and growth in the US is to remake the basic social contract linking pay to productivity for all workers. This would give the American middle class the purchasing power necessary to revive their economy and keep it going strong.
     
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  2. sparky
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    sparky VIP Member

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    George,
    although i admit to reading , as well as holding RR's opinions in high regard, i must say he constantly dodges the Glass Stegal bullet, a major banking event who's consequenses festered into a key wall street bubble element

    this was a Clintionian era event, which RR served in

    ~S~
     
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  3. georgephillip
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    georgephillip Gold Member Supporting Member

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    Sparky:

    I still haven't finished RR's book Supercapitalism because of his establishment credentials.
    I think it's fair to suspect Reich exploited the system when it worked to his economic advantage.

    Some of us have eyes that are slow to open to painful realities, and I think that's especially true for those who've worked inside the beltway.

    I'm trying to remain open to the possibility that the economy has changed so profoundly since Reich left DC that this particular leopard has changed his spots. If he has, everything he learned about our economic establishment can now be used against it.

    According to his blog, RR's on vacation for three weeks.
    Time will tell?
     
  4. sparky
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    sparky VIP Member

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    a big 10-4 there George

    time has also resulted in many trickel down Reaganista's denouncing the doctrine they once upheld
     
  5. georgephillip
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    georgephillip Gold Member Supporting Member

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    It's hard for me to stop thinking about how different our conversations would be if Ralph Nader had moved into the White House in 2009, and Larry Summers and Tim Geithner along with hundreds of other Wall Street Lords were rotting in prison this very minute.

    If this economy ever screams loudly enough to focus American attention spans the way 911 did, we could roll back the last forty years of plutocratic gain in four years (maybe????)

    More likely we'll get an American Stalin or Hitler or Mao and hang gay immigrants.
     
  6. midcan5
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    midcan5 liberal / progressive

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    John Kenneth Galbraith's book on the contented class is probably not read much today as it would be taboo given the fact we live today in so class divided a society that the upper cannot even see the lower. Gated communities shelter those who live the good life. I was in a nursing home yesterday, a close friend of my wife is stage four and in need of help just to get around. As I looked at the people, some old some not so old, sick or injured I was thinking about the talk in Washington to cut back on Medicare. Why not, congress lives in a nice bubble. Or the talk to raise SS, all congress does is talk, maybe we should make a law all congressmen work in a mine at 60 or do roofing at 65. Reality is hard for some people. Whenever I see Boehner and his sidekicks, especially Cantor with the fake smile, my stomach turns. Someone elects these people, guess who.




    "In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.

    We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together." Dwight D. Eisenhower
     
  7. georgephillip
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    georgephillip Gold Member Supporting Member

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    No doubt in my mind Republicans are the greater Evil.

    Elites in both major parties have to be confronted with the specter of a Great Voter Awakening that calls for the purging of hundreds of DC incumbents, Republicans AND Democrats, in a single November news cycle.

    No president in my memory hears History as clearly as this one.

    If such a movement shows legs, Obama will morph into Lincoln, FDR, MLK and Huey Long faster than Goldman Sachs's servers can front-run the Fed.

    We should, imo, lay out some "lines in the sand" regarding just how badly this economy would have to be performing 17 months from now to justify calling for the mass removal of ALL DC incumbents.

    And then see which side Obama chooses.
     
  8. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    "Robert Reich".

    :lol: :lol: :lol: :lol: :lol:
     
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  9. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    What? Hell, I'm making over 5 times what I made in 1980. And the rest is just more of the same, raise taxes on 1% of the population and all will be fine.

    Reich is an idiot... he noticeably left out an analysis of the rapid rise in defense spending, entitlement spending, the number of people paying NO TAXES, government programs, or how spending increases have outpaced growth for years, etc.

    FAIL.
     
    Last edited: Jun 18, 2011
  10. bripat9643
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    bripat9643 Diamond Member

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    "Truth" must be a leftwing euphemism meaning "idiocy."

     

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