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.
Robert Reich: In political terms, a strong stand enables the President to clearly demonstrate who’s side he’s on (the working and middle class that’s still bearing the brunt of this lousy economy) and who’s side the Republicans are on (the powerful and privileged who brought much of this on, and who are now doing just fine).
Robert Reich: The President says a Republican proposal to extend the Bush tax cuts to everyone for two years is a “basis for conversation.” I hope this doesn’t mean another Obama cave-in.
Ron Wolff: So, will someone please explain to me how CEOs getting wealthy and average workers being cheated out of hard-earned wages is part of the American dream?