We hear a lot about Ryan’s budget and the President’s budget but we’re not hearing very much about the Congressional Progressive Caucus Budget which appears to be more in line with what the average middle class American wants and needs. What’s up with that?
Robert Reich: The Great Recession has accelerated a structural shift in the economy that had been slowly building for years. Companies have used the downturn to aggressively trim payrolls, making cuts they’ve been reluctant to make before. Outsourcing abroad has increased dramatically. Companies have discovered that new software and computer technologies have made many workers in Asia and Latin America almost as productive as Americans, and that the Internet allows far more work to be efficiently moved to another country without loss of control.
Robert Reich: The economic stresses of continued high unemployment and low wages are contributing to the growth of the “I’m Mad As Hell” Party – a rag-tag collection of Tea Partiers furious at establishment Republicans, left-wing Democrats angry at what they consider lily-livered Democrats in Washington, and Independents disgusted with everybody inside the Beltway.
During a White House meeting in early 1984, Ronald Reagan shocked economic adviser Martin Feldman in insisting that no tax increase in US history had raised revenue. The eminent Harvard economist penned him a memo proving that every increase in tax rates from 1917 to 1969 had actually done so.