Why This Is the Worst Recovery on Record

obama business roundtable

Robert Reich: We’re now witnessing what happens when all of the economic gains go to the top, and the rest of the population doesn’t have enough purchasing power to keep the economy going.

Fair Economy Essential to Growth

titanic capitalism

Robert Reich: Wealth percolates upward from working people who are adequately educated, healthy, sufficiently rewarded, and who feel they have a fair chance to make it in America.

Super Committee Deadlock: Heads They Win, Tails We Lose

super committee

Ellen Brown: Either way the super committee goes, the economy will wind up with $1.2 trillion less in the way purchasing power. The result will be to reduce demand, kill jobs, and put more people on the streets.

Washington Pre-Occupied

occupy washington

Robert Reich: The Occupier movement is still in its infancy in the United States, but it cannot be stopped. Here, as elsewhere, people are outraged at what feels like a rigged game.

Inequality: The Real Cause of America’s Economic Woes

GOP-and-CEO-pay-wide

Robert Reich: During periods when the very rich took home a much smaller proportion of total income — as in the Great Prosperity between 1947 and 1977 — the nation as a whole grew faster and median wages surged.

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Republican War on Worker Rights Undermines Economy

laane faces

Robert Reich: The only way back toward sustained growth and prosperity in the United States is to remake the basic bargain linking pay to productivity. This would give the American middle class the purchasing power they need to keep the economy going.

How to Get Washington’s Attention

wall-street-follies-wide

Robert Reich: The leaders of the Street and big business may now have to wake up to a reality they’ve tried to avoid — that the central economic problem of our time isn’t the long-term budget deficit but the immediate deficit in aggregate demand.

Why Obama’s Proposal Is Risky

robert reich

Robert Reich: The underlying problem isn’t the budget deficit. It’s that so much income and wealth are going to the top that most Americans don’t have the purchasing power to sustain a strong recovery.

The Big Lie

death panels

Robert Reich: Americans no longer have the purchasing power to keep the economy going at full capacity. Since the debt bubble burst, most Americans have had to reduce their spending; they need to repay their debts, can’t borrow as before, and must save for retirement.

Why the Tax Deal Confirms the Republican Worldview

mcconnell

Robert Reich: As income and wealth have risen to the top, so has political power. Money is being used to bribe politicians and fill the airwaves with misleading ads that block all of this.

The Failure of the G-20 Summit

obama seoul

Robert Reich: It’s always nice to talk about international cooperation, and to create global photo ops. But the truth is much more needs to be done to ease tensions that are moving the global economy closer to the brink of outright protectionism

Alan Greenspan, Robert Rubin, and Herbert Hoover

herbert hoover

Robert Reich: Both Greenspan and Rubin are deficit hawks. So was Herbert Hoover and so was Hoover’s Treasury Secretary Andrew Mellon. And look what Hoover and Mellon got us into. When we least need him, Hoover is being exhumed.

The Root of Economic Fragility and Political Anger

wealth

Robert Reich: We’re back to the same ominous trend as before the Great Recession: a larger and larger share of total income going to the very top while the vast middle class continues to lose ground.

Immigrants Cleaning Up Oil Spill Nothing New

bp cleanup

Andrea Nill: As Tyler Falk of Grist points out, there’s something seriously wrong with the fact that “British Petroleum can legally come to the Gulf and devastate an entire ecosystem and the economy it supports, but when “illegal” immigrants come to clean up the mess, they are treated like criminals.”

How the White House’s Deal With Big Pharma Undermines Democracy

town-hall

The White House confirmed it has promised Big Pharma that any healthcare legislation will bar the government from using its huge purchasing power to negotiate lower drug prices. That’s basically the same deal George W. Bush struck in getting the Medicare drug benefit.

Stimulus Plan: The Need and the Size

sinkingeconomy

The core problem we face is not access to capital. The Treasury has already flooded Wall Street and the banking system with money, committing nearly $350 billion; the Federal Reserve Board has exchanged Treasury bills for some $2.2 trillion of troubled assets; other agencies, such as the FDIC, have guaranteed trillions more. But there has [...]

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